The Price Indications (Bureaux de Change) Regulations 1992

Exchange rate information to be given

4.—(1) Subject to paragraphs (4) and (5) below where a person gives an exchange rate indication—

(a) he shall state—

(i) the relevant exchange rate,

(ii) if the exchange rate stated applies only to currency of certain values or in certain denominations, the values or denominations to which it applies or the values or denominations to which it does not apply,

(iii) the rate or amount of any commission or other charge which will or may be chargeable in respect of a transaction to which the indication applies and which is not included in the exchange rate stated, and

(iv) if an exchange rate or a rate or amount of any commission or other charge applies only to dealings in certain circumstances or only in relation to certain transactions, those circumstances or those transactions; and

(b) where the indication—

(i) includes a buying rate, he shall also state the corresponding selling rate (if any) or, if there is no corresponding selling rate but he is prepared to supply notes or travellers' cheques to order, that he is so willing; or

(ii) includes a selling rate, he shall also state the corresponding buying rate (if any),

together with the information specified in sub-paragraph (a)(ii)—(iv) above:

provided that subparagraph (b)(i) above shall not have effect in relation to travellers' cheques before paragraph (2) below comes intoforce in accordance with regulation 1(2) above.

(2) Where a person gives an exchange rate indication which relates to one only of travellers' cheques and notes and he is prepared to deal in the other of them, he shall either, as the case may require—

(a) state the corresponding exchange rate for notes or for travellers' cheques, together with the information specified in paragraph (1)(a)(ii)—(iv) above; or

(b) in relation to sales, state that he is prepared to supply notes or travellers' cheques to order, together with the rate or amount of any commission or other charge which will be chargeable.

(3) Where a person gives an exchange rate indication and—

(a) there is to be a lapse of time between the placing of an order and the completion of the transaction; and

(b) that person indicates that he will, or may, charge a buying rate or a selling rate other than the rate applicable at the time the order is placed or that any commission or other charge may be different, also state—

(i) when and how the rate will be determined, and

(ii) the commission or other charge which will be charged or, if he is unable to state the commission or other charge, how it will be calculated.

(4) Where a consumer makes a specific request for an exchange rate indication relating to notes or to travellers' cheques in a particular currency, the person giving the indication shall state—

(a) the applicable buying rate or selling rate, as the case may require; and

(b) if the rate applies only to currency of certain values or in certain denominations, those values or those denominations; and

(c) the rate or amount of any commission or other charge which is not included in the buying rate or the selling rate, as the case may be,

(5) This regulation does not have effect in relation to an exchange rate indication given by way of a net price to a consumer who has made a specific request that he be informed of the amount of one currency which a person is prepared to buy or sell net of all commission and other charges in exchange for a specified amount of another currency.