Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the report of the Behavioural Insights Team entitled The impact of improved transparency of foreign money transfers for consumers and SMEs, published March 2018, whether his Department plans to implement that report's recommendations in its Payment Services Regulations Review.

The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers and enabling consumers to make informed choices.

There are a number of existing requirements both in payments legislation and in FCA rules in relation to providing information on fees and conversion rates. The Government invited views on information requirements through its recent Call for Evidence on the Payment Services Regulations 2017, which also sought views on the Cross Border Payments Regulation and its requirements in relation to currency conversion transparency.

The Government will take these views into consideration as it determines its approach to the UK’s future regulatory framework, as part of the Smarter Regulatory Framework (SRF) programme to repeal retained EU law in financial services, and replace it with legislation and rules designed for the UK. The Government will publish its response to the Call for Evidence in due course.