UK Firms Face Timings Quirk Over Cross-Border Payment Reforms

The UK government has confirmed it has “no plans” to retain EU reforms on cross-border payments and currency conversion after Brexit, although most of the new rules will take effect while the country remains a member state.

A revised version of the Cross-Border Payments Regulation was approved in Brussels in March this year, limiting fees applied to non-euro transactions and introducing additional transparency around exchange rates when shoppers use their cards abroad.

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