Business: Northern Ireland
The question
To ask the Secretary of State for Northern Ireland, what discussions he has had with relevant stakeholders on reports of businesses in Northern Ireland processing card transactions in euros, in the context of currency conversion charges for customers.
Answered by Hilary Benn
The decision on which currencies to accept for payment, including whether to process card transactions in euros or any other international currency, is a matter for individual businesses across the UK, including in Northern Ireland.
Businesses are responsible for ensuring transparency in any associated currency conversion charges applied to customers. The Financial Conduct Authority (FCA) regulates the conduct of financial services firms in the UK and sets out rules to ensure customers are treated fairly, including in relation to payment services and foreign exchange disclosures.
The Government continues to monitor developments and maintain dialogue with relevant regulators and stakeholders where appropriate.
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