Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to the Answer of 18 April 2017 to Question 69488, whether his Department's research on the effect of pricing structures on consumer understanding of foreign currency transaction fees will inform the Payment Services Regulations.

The research on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions helped to inform the Government’s response to its consultation on the implementation of the second Payment Services Directive (PSDII), which was published on 19 July 2017.

The Government did not include a requirement in the Payment Services Regulations 2017 for increased transparency as it had to weigh up the potential benefits of doing so against other issues, such as the Government’s approach to implementing maximum harmonising Directives.