Question to the HM Treasury:

To ask Her Majesty’s Government whether they are planning to review the regulation of foreign exchange providers to ensure the protection of consumers buying foreign currency during periods of wide currency fluctuations.

The Government is reviewing the Payment Services Regulations as part of its implementation of the revised Payment Services Directive (PSD2). The Regulations apply to foreign exchange firms conducting a payment transaction as part of a currency exchange. There are currently no plans to review the regulation of foreign exchange providers more widely. However, Government will continue to monitor the sector to ensure that consumers and businesses using foreign exchange services are treated fairly.