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Lord Birt to ask Her Majesty's Government, further to the Written Answer by the Earl of Courtown on 3 February (HL543), whether the Banking: Conduct of Business sourcebook rule 2.3.7CG(3), published in the Financial Conduct Authority Handbook, that “the cost of a currency transfer service includes the margin between the exchange rate that would be offered to a majority of persons of the class at whom the promotion is directed and a currently applicable interbank exchange rate, calculated using an independently published interbank spot rate”, will be applied to providers calculating the currency conversion charge for consumers under the Cross Border Payments Regulation to ensure that providers show the full cost payable by a consumer.  HL3114

Question HL3114: tabled on 21 April 2020 and due for answer by 5 May 2020

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Question text

Lord Birt to ask Her Majesty's Government, further to the Written Answer by the Earl of Courtown on 3 February (HL543), whether the Banking: Conduct of Business sourcebook rule 2.3.7CG(3), published in the Financial Conduct Authority Handbook, that “the cost of a currency transfer service includes the margin between the exchange rate that would be offered to a majority of persons of the class at whom the promotion is directed and a currently applicable interbank exchange rate, calculated using an independently published interbank spot rate”, will be applied to providers calculating the currency conversion charge for consumers under the Cross Border Payments Regulation to ensure that providers show the full cost payable by a consumer.  HL3114
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Lord Birt
Crossbench
Life peer