§ Mr. Rostasked the Chancellor of the Exchequer (1) what controls are exercised by the Bank of England over the rates of exchange and commissions charged by bureaux de change trading independently of the clearing banks;
(2) if he will list the powers he has to regulate the trading of bureaux de change which operate independently of the clearing banks.
§ Mr. Robert SheldonUnder the Exchange Control Act 1947 bureaux de180W change require permission from the Bank of England to deal in foreign currency. The principal conditions are that foreign currency receipts must be sold regularly to an authorised bank; transactions must be effected at rates in line with those quoted by authorised banks; quarterly returns of total foreign currency handled must be made to the Bank of England; and the rates of exchange offered and the commission charged must be displayed clearly and permanently during business hours.
§ Mr. Rostasked the Chancellor of the Exchequer if in the interests of the tourist trade he is satisfied that the rates of exchange and commissions charged by bureaux de change, operating independently of the clearing banks, are in line with those of the clearing banks.
§ Mr. Robert SheldonBureaux de change are required by exchange control to effect transactions at rates of exchange in line with those of the clearing banks. The commissions they charge do have to reflect the costs of providing a service outside normal banking hours and at weekends.
§ Mr. Rostasked the Chancellor of the Exchequer if he has discussed with the British Tourist Authority the recent proliferation of bureaux de change trading independently of the clearing banks, in view of the high commissions charged and unfavourable exchange rates offered to tourists.
§ Mr. Robert SheldonThere have been recent discussions between the British Tourist Authority and the Bank of England, which administer exchange control on the Treasury's behalf and keep the development of bureaux de change under constant review.