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Written question asked by Martyn Day (Scottish National Party) on Thursday, 13 July 2017, in the House of Commons. It was due for an answer on Monday, 17 July 2017. It was answered by Steve Barclay (Conservative) on Thursday, 20 July 2017 on behalf of the Treasury.

Foreign Exchange

Question

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 5 July 2017 to Question 2292, from the hon. Member for Edinburgh South, whether he plans to publish the results of the research on foreign exchange (a) separately from the Government's response to the consultation, (b) in conjunction with the Government's response to the consultation or (c) not at all; if he will bring forward amendments to the draft Payment Services Regulations as a direct result of those findings; and if he will make a statement.

Answer

In my answer of 5 July I stated that the Government was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions. This research helped to inform the Government’s response to the consultation on the implementation of the second Payment Services Directive (PSDII), which was published on 19 July 2017.

The Government’s response to the consultation explains that, as the second Payment Services Directive is a maximum harmonising Directive, the Government has limited flexibility as to how far we can go beyond its explicit requirements. Although the Government could see some benefit in requiring firms to display the difference between the exchange rate they offer and the interbank exchange rate, it is clear that including such a requirement in PSDII would be gold-plating, and the Government has therefore decided not to do so.

The Government does not intend to publish the research at this point in time as it relates to the formulation and development of ongoing Government policy.

Secondary information

Type
Written question
Reference
4869
Session
2017-19
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Written questions
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Subjects
Consumers Protection Prices Foreign exchange
Link
View this Written question on www.parliament.uk