Written question asked by Stephen Timms (Labour) on Monday, 11 March 2024, in the House of Commons. It was due for an answer on Thursday, 14 March 2024 (named day). It was answered by Bim Afolami (Conservative) on Thursday, 14 March 2024 on behalf of the Treasury.

Foreign Exchange

Question: To ask the Chancellor of the Exchequer, whether he has plans to remove the corporate opt-out for cross-border payments pricing disclosures.

Answer

The UK’s legislative framework for payment services, including cross-border payments, places various disclosure requirements on payment firms. This includes the ability to opt out of disclosures for certain corporates, where both parties agree.

This legislation derives from EU law, which will be replaced under the government’s Smarter Regulatory Framework programme. Under this, it is intended that government legislation will set the framework within which the regulators will operate. In general, firm-facing requirements, such as these cross-border disclosures, will be determined by the relevant regulator (in this case, the FCA).

Secondary information

Type: Written question
Reference: 17767
Session: 2023-24
Subjects: Disclosure of information Fees and charges Electronic funds transfer Foreign exchange
Link: View this Written question on www.parliament.uk

Foreign Exchange

Secondary information

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