PARLIAMENTARY WRITTEN QUESTION
Financial Services (8 July 2020)

To ask the Chancellor of the Exchequer, pursuant to the Answer of 3 July 2020 to Question 64077, what assessment he has made of the importance of the exchange rate margin as calculated from the European Central Bank (ECB) rate in providing clarity for people sending bank transfers abroad; and if he will bring forward legislative proposals to require that margin to be calculated from a live publicly available interbank rate rather than the ECB rate to ensure that transparency provisions will continue to work effectively in UK law after the end of the transition period.

Asked by:
Bob Blackman (Conservative)

Further to my response of 3 July 2020 to Question 64077, before the end of the Transition Period, the Government will bring forward secondary legislation under the EU Withdrawal Act 2018 to ensure that the provisions of the Cross Border Payments Regulation which require transparency of currency conversion fees and charges for credit transfers, continue to work effectively in UK law after the end of the Transition Period.

Answered by:
John Glen (Conservative)
13 July 2020