§ Mr. Nigel Griffiths
To ask the Secretary of State for Trade and Industry (1) if he will seek powers to prevent users of foreign exchange currency businesses from being charged excessive commission on their transaction;
(2) if he will seek powers to prevent a double charge being levied on users of foreign exchange currency businesses through commission as well as marking up the value of the currency.
§ Mr. Leigh
Commission and other charges and exchange rates offered by foreign exchange currency businesses are best determined by competition in the market. However, the Government believe that for competition to be effective the customer should have adequate information concerning the exchange rates and commission charges that apply. I therefore propose to make regulations shortly under part III of the Consumer Protection Act 1987 which will set out requirements on how bureaux de change display their exchange rates and other charges.