Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 3 July 2020 to Question 64077, what assessment he has made of the potential merits of disclosing the full cost of fees and charges including the exchange rate margin as calculated from the mid-market rate provided by the ECB to ensure that consumers are able to make informed decisions when sending money abroad by bank transfer.

Further to my response of 3 July 2020 to Question 64077, before the end of the Transition Period, the Government will bring forward secondary legislation under the EU Withdrawal Act 2018 to ensure that the provisions of the Cross Border Payments Regulation which require transparency of currency conversion fees and charges for credit transfers, continue to work effectively in UK law after the end of the Transition Period.