§ Mr. Rostasked the Chancellor of the Exchequer if he is satisfied that all bureaux de change deal in foreign currency with permission of the Bank of England.
§ Mr. Robert SheldonIn general, yes. But if the hon. Member has reason to believe that any bureau is operating without permission, I should be glad to receive details so that the matter can be investigated.
§ Mr. Rostasked the Chancellor of the Exchequer how many bureaux de change have been authorised in each of the past three years by the Bank of England to deal in foreign currency under the Exchange Control Act 1947; and what is the total number of authorisations listed independently of the clearing banks.
§ Mr. Robert Sheldon308 authorisations to run bureaux de change have been issued to operators other than authorised banks. Of these, 17 were issued in 1975; 76 in 1976; 133 in 1977; and 40 so far this year.
§ Mr. Rostasked the Chanceller of the Exchequer what system of monitoring is conducted by the Bank of England to ensure that those bureaux de change authorised to deal in foreign currency trade within the required conditions.
§ Mr. SheldonExchange control officials make spot checks on bureaux de change as resources allow.
§ Mr. Rostasked the Chancellor of the Exchequer (1) how many letters of authorisation granted by the Bank of England to bureaux de change have been withdrawn for non-compliance with the trading conditions stipulated;
(2) if the Bank of England has withdrawn any authorisations to bureaux de change which offer rates of exchange or charge commissions not in fine with those quoted by authorised banks;
(3) if the Bank of England has withdrawn any authorisations to bureaux de change which do not display clearly and 347W permanently the rates of exchange offered and the commission charged.
§ Mr. Robert SheldonThe Bank of England, where necessary, reminds the operators of bureaux de change of the need to comply at all times with the conditions attached to their permissions to deal in foreign currency, and requires them to put right any irregularity of which the Bank has become aware. As yet, no permission has peen withdrawn, but the Bank would not hesitate to take such action in appropriate circumstances.
§ Mr. Rostasked the Chancellor of the Exchequer how regularly authorisations by the Bank of England to bureaux de change are reviewed.
§ Mr. Robert SheldonExisting authorisations have not been subject to automatic review, but the Bank of England keeps a constant watch on the development of bureaux de change.