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1694968

registered interest
date	11/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has plans to remove the corporate opt-out for cross-border payments pricing disclosures.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	17767
answer	answer is ministerial correction date of answer 14/03/2024 answer text <p>The UK’s legislative framework for payment services, including cross-border payments, places various disclosure requirements on payment firms. This includes the ability to opt out of disclosures for certain corporates, where both parties agree.</p><p>This legislation derives from EU law, which will be replaced under the government’s Smarter Regulatory Framework programme. Under this, it is intended that government legislation will set the framework within which the regulators will operate. In general, firm-facing requirements, such as these cross-border disclosures, will be determined by the relevant regulator (in this case, the FCA).</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 14/03/2024 17:04:02 answering member 4639 label Biography information for Bim Afolami
tabling member	163 label Biography information for Sir Stephen Timms

1314957

registered interest
date	17/05/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Exchange
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to implement full foreign exchange price transparency by financial institutions.
tabling member printed	Lord Alton of Liverpool
uin	HL249
answer	answer is ministerial correction date of answer 27/05/2021 answer text <p>Since April 2020, provisions of the amended Cross Border Payments Regulation (also known as CBPR2), which require transparency of currency conversion fees and charges for certain payments, have applied in the United Kingdom. This regulation is intended to enable consumers to make informed decisions when purchasing currency conversion services. Amendments to this regulation were made by the Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020.</p><p>The FCA is the relevant regulatory authority with responsibility for monitoring and enforcing the requirements of the onshored UK legislation. Should the FCA have concerns regarding firms’ compliance with the requirements, it will take appropriate action as necessary.</p> answering member printed Lord Agnew of Oulton question first answered 27/05/2021 14:54:15 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	738 label Biography information for Lord Alton of Liverpool

1189596

registered interest
date	21/04/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Exchange
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by the Earl of Courtown on 3 February (HL543), whether the Banking: Conduct of Business sourcebook rule 2.3.7CG(3), published in the Financial Conduct Authority Handbook, that “the cost of a currency transfer service includes the margin between the exchange rate that would be offered to a majority of persons of the class at whom the promotion is directed and a currently applicable interbank exchange rate, calculated using an independently published interbank spot rate”, will be applied to providers calculating the currency conversion charge for consumers under the Cross Border Payments Regulation to ensure that providers show the full cost payable by a consumer.
tabling member printed	Lord Birt
uin	HL3114
answer	answer is ministerial correction date of answer 05/05/2020 answer text <p>The Second Cross Border Payments Regulation (CBPR2) updates rules on the transparency of currency conversion charges within the European Union. The UK has left the EU, and during the transition period EU laws that currently apply, or will start to apply during the transition period, will apply to the UK. Under the terms of section 8 of the EU Withdrawal Act 2018 (and as further amended by the EU Withdrawal Agreement Act 2020) the Government has the power to fix deficiencies in EU legislation retained following the transition period.</p><p> </p><p>The Financial Conduct Authority's (FCA) Principles for Businesses and Handbook Banking: Conduct of Business sourcebook (BCOBS) also apply to UK providers of currency transfers services. BCOBS 2.3.7CG(3) is guidance (not a rule) so is an example of one way to comply with the relevant FCA rule (at BCOBS 2.3.7BR).</p><p> </p><p>As stated in its Policy Statement PS19/3 making BCOBS 2.3.7CG(3) (‘General standards and communication rules for the payment services and e-money sectors’), the FCA acknowledged that CBPR2 would impact cost disclosure requirements, particularly in relation to credit transfers. The FCA has since convened a group of industry representatives to discuss and agree on a common presentation format of the information required by CBPR2. The FCA has stated that it will continue to monitor the progress and if it does not see improvements in cost disclosure to customers, it will consider consulting on additional rules and guidance.</p> answering member printed Lord Agnew of Oulton question first answered 05/05/2020 11:01:26 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	2533 label Biography information for Lord Birt

1175129

registered interest
date	20/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Exchange
house id	2
legislature	25277 pref label House of Lords
question text	Her Majesty's Government what plans they have to ensure that (1) the precise spot rate, and (2) the commission charged, are identified for all consumer foreign currency transactions at the moment of the transaction post-Brexit.
tabling member printed	Lord Birt
uin	HL543
answer	answer is ministerial correction date of answer 03/02/2020 answer text <p>Under the Payment Services Regulations 2017, where a currency conversion service is offered before the initiation of the payment transaction, the party offering the currency conversion service must disclose to the payer all charges as well as the exchange rate to be used for converting the payment transaction. This will not change after the UK leaves the EU.</p><p> </p><p>From April 2020, the EU’s Cross Border Payments Regulation, known as CBPR2, will require greater transparency on currency conversion charges and exchange rates when making payments, either at a point of sale or an ATM.</p><p> </p><p>After 31 January, the UK and EU will enter an implementation period, during which EU laws that currently apply, or will start to apply during the implementation period, will apply to the UK.</p><p> </p><p>Under the terms of section 8 of the EU Withdrawal Act 2018 (and as further amended by the EU Withdrawal Agreement Act 2020) the Government has the power to fix deficiencies in EU legislation retained following the Implementation Period.</p> answering member printed The Earl of Courtown question first answered 03/02/2020 16:38:59 answering member 3359 label Biography information for The Earl of Courtown
tabling member	2533 label Biography information for Lord Birt

754490

registered interest
date	20/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether his Department's decision not to gold-plate the Payment Services Regulations by increasing transparency in foreign exchange pricing is consistent with the Government's stated approach to gold-plating; and if he will make a statement.
tabling member constituency	Hammersmith
tabling member printed	Andy Slaughter
uin	6665
answer	answer is ministerial correction date of answer 07/09/2017 answer text <p>The decision not to increase transparency in foreign exchange pricing is consistent with the Government’s approach to transposing other EU Directives, which is not to gold-plate and go beyond the requirements of the Directive wherever possible.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 07/09/2017 16:05:06 answering member 4095 label Biography information for Steve Barclay
tabling member	1516 label Biography information for Andy Slaughter

753989

registered interest
date	19/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 17 July 2017 to Question 4713, how he will ensure that the research on the effect of pricing structures on consumer value choices is used to inform policy; and if he will make a statement.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	6150
answer	answer is ministerial correction date of answer 07/09/2017 answer text <p>In my answer of 17 July I stated that Government does not intend to publish the research it conducted earlier in the year on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions as it relates to the formulation and development of ongoing Government policy.</p><p> </p><p>The research helped to inform the Government’s response to its consultation on the implementation of the second Payment Services Directive, which was published on 19 July 2017.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 07/09/2017 16:01:57 answering member 4095 label Biography information for Steve Barclay
tabling member	4488 label Biography information for Martyn Day

751685

registered interest
date	13/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 5 July 2017 to Question 2292, from the hon. Member for Edinburgh South, whether he plans to publish the results of the research on foreign exchange (a) separately from the Government's response to the consultation, (b) in conjunction with the Government's response to the consultation or (c) not at all; if he will bring forward amendments to the draft Payment Services Regulations as a direct result of those findings; and if he will make a statement.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	4869
answer	answer is ministerial correction date of answer 20/07/2017 answer text <p>In my answer of 5 July I stated that the Government was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions. This research helped to inform the Government’s response to the consultation on the implementation of the second Payment Services Directive (PSDII), which was published on 19 July 2017.</p><p> </p><p>The Government’s response to the consultation explains that, as the second Payment Services Directive is a maximum harmonising Directive, the Government has limited flexibility as to how far we can go beyond its explicit requirements. Although the Government could see some benefit in requiring firms to display the difference between the exchange rate they offer and the interbank exchange rate, it is clear that including such a requirement in PSDII would be gold-plating, and the Government has therefore decided not to do so.</p><p>The Government does not intend to publish the research at this point in time as it relates to the formulation and development of ongoing Government policy.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 20/07/2017 14:29:01 answering member 4095 label Biography information for Steve Barclay
tabling member	4488 label Biography information for Martyn Day

751241

registered interest
date	12/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether he plans to publish the results of the research on foreign exchange; whether those results will be published with the Government response to that consultation; whether he plans to use those results to inform amendments to the draft Payment Services Regulations 2017; and if he will make a statement.
tabling member constituency	Hammersmith
tabling member printed	Andy Slaughter
uin	4713
answer	answer is ministerial correction date of answer 17/07/2017 answer text <p>The Government does not intend to publish the research it conducted earlier in the year on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions at this point in time as it relates to the formulation and development of ongoing government policy.</p><p> </p><p>However, the research will help to inform the Government’s response to its consultation on the implementation of the second Payment Services Directive, which will be published shortly. The Government will need to weigh up the benefits of requiring greater transparency with other considerations, such as the Government’s approach to implementing maximum harmonising Directives.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 17/07/2017 14:01:45 answering member 4095 label Biography information for Steve Barclay
tabling member	1516 label Biography information for Andy Slaughter

750010

registered interest
date	10/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 5 July 2017 to Question 2292, whether he plans to publish the results of the research on foreign exchange (a) separately from the Government's response to the consultation, (b) in conjunction with the Government's response to the consultation or (c) not at all; if he will bring forward amendments to the draft Payment Services regulations as a result of the findings; and if he will make a statement.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	3784
answer	answer is ministerial correction date of answer 13/07/2017 answer text <p>In my answer of 5 July I stated that the Government was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange), on consumer decisions. This research will help to inform the Government’s response to the consultation on the implementation of the second Payment Services Directive. The Government will need to weigh up the benefits of requiring greater transparency with other considerations, such as the Government’s approach to implementing maximum harmonising Directives.</p><p>The Government’s consultation response will be published shortly. However, the Government does not intend to publish the research at this point in time as it relates to the formulation and development of ongoing government policy</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 13/07/2017 15:53:31 answering member 4095 label Biography information for Steve Barclay
tabling member	3966 label Biography information for Ian Murray

747062

registered interest
date	30/06/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Foreign Exchange
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, with reference to the Answer of 18 April 2017 to Question 69488, if he will publish the results of the research commissioned by his Department on the effect of pricing structures used by foreign exchange providers on consumer value choices.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	2292
answer	answer is ministerial correction date of answer 05/07/2017 answer text <p>In its Answer of 18 April 2017 to Question 69488, the Government stated that it was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange), on consumer decisions. This research will help to inform the Government's response to the consultation on draft regulations for the implementation of the Second Payment Services Directive. This response will be published shortly.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 2291 question first answered 05/07/2017 16:02:41 answering member 4095 label Biography information for Steve Barclay
tabling member	3966 label Biography information for Ian Murray