§ Mr. Nigel Griffiths
To ask the Secretary of State for Employment if his Department has surveyed tourists about the charges levied by businesses providing a foreign exchange currency service.468W
§ Mr. Forth
I have made no such surveys, but I am aware of complaints made by overseas visitors to Ministers and to the tourist boards about the insufficiency of information on the exchange rates and commission charges applicable. 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.
My right hon. Friend the Secretary of State for Trade and Industry proposes 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.