Foreign Exchange
Lords · Question HL6669 · Tabled 22 Apr 2025 · Treasury · Official record
Answered 30 Apr 2025
Question
Asked by Lord Birt
To ask His Majesty's Government what plans they have to require foreign currency cash exchange services for consumers to display (1) the live interbank exchange rate, and (2) the commission charged.
Answer
Answered by Lord Livermore, 30 Apr 2025
The Payment Services Regulations 2017 make requirements on UK payment service providers regarding disclosure of fees and charges to the payer where currency conversion is provided as part of a payment transaction. Provisions under the Cross Border Payment...