Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of non-transparent pricing structures in foreign currency exchange on UK small businesses which trade overseas.

A competitive and transparent financial services sector is vital to ensuring that the UK economy delivers for consumers and businesses.

The Government has not yet made an assessment of the effect of pricing structures used by foreign currency providers on competition for consumers or UK small businesses which trade overseas but, as with all policy areas, keeps transparency of foreign exchange fees under review.

The Government is currently conducting research on the effects of transparency on consumer decisions to inform its policy approach. The Government has recently consulted on draft regulations for the implementation of the Second Payment Service Directive, and will respond in due course.