Question to the HM Treasury:

To ask Her Majesty's Government what steps they are taking to implement full foreign exchange price transparency by financial institutions.

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.

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.