questionText: To ask the Chancellor of the Exchequer, with reference to correspondence of 19 July 2023 to HM Treasury from the fintech industry, whether his Department plans to update to the 2018 Report entitled The impact of improved transparency of foreign money transfers for consumers and SMEs; if his Department will take steps to implement the mid-market exchange rate as a basis for all cross-border transfers made from financial institutions in the UK that require mark-ups over the mid-market rate to be clearly displayed; and if he will set out a timeline for the introduction of price transparency in cross-border transfers and FX rates.
answerText: The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers and enabling consumers to make informed choices. There are a number of existing requirements both in payments ...
heading: Electronic Commerce: Exchange Rates