Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 October 2021 to Question 62566, what plans he has to require banks to show the difference between the mid-market (interbank) exchange rate and the rate they use when offering foreign exchange products to customers; and if he will make a statement.

The Government recognises the importance of transparency of fees and charges in protecting consumers and ensuring effective competition between payment service providers (PSPs) such as banks. To this end, the UK has regulatory requirements in place to ensure that currency conversation rates are clearly communicated to customers before a transaction takes place.

The Government has no plans at this time to amend these requirements, but keeps all policy under review.