Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has plans to remove the corporate opt-out for cross-border payments pricing disclosures.

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.

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).