CONSUMER FOCUS SUPER-COMPLAINT INTO FOREIGN CURRENCY FEES

That this House welcomes the super-complaint made by Consumer Focus to the Office of Fair Trading on 21 September 2011, raising concerns about the amount that UK consumers pay for foreign currency, estimated to be 1 billion annually; notes the level of consumer dissatisfaction caused by the lack of transparency in the pricing policies of currency exchange services and the confusion caused by offers such as `0 per cent. commission', which are intended to mislead consumers; calls on the Government to introduce measures quickly to ensure greater transparency with these transactions; and supports further actions by banks and other foreign exchange providers to clarify the costs incurred while making these transactions.