Question to the HM Treasury:

To ask Her Majesty's Government what plans they have to require currency exchange services for consumers to display both (1) the live interbank exchange rate, and (2) the commission charged, following the UK’s departure from the EU.

This question was answered on 28th June 2022
Where currency conversion is provided as part of a payment transaction, the Payment Services Regulations 2017 make requirements on UK payment service providers regarding disclosure of fees and charges to the payer, for example, the exchange rate used for a currency conversion transaction. Provisions under the Cross Border Payments Regulation, which continue to apply in the UK as part of retained EU law, also contribute to price transparency, with further requirements regarding how foreign exchange costs are communicated before a payment is made. The Government has no plans at this time to amend the requirements on firms, but keeps all policy under review.

The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers. These regulations, amongst other things, are intended to enable consumers to make informed decisions when making use of payment services including where currency conversion is offered as part of a payment transaction.