
1 

(1) These Regulations may be cited as the Price Indications (Bureaux de Change) Regulations 1992.
(2) These Regulations (except regulations 4(2) and 5(3)) shall come into force on 18th May 1992 and regulations 4(2) and 5(3) shall come into force on 18th May 1993.
2 
In these Regulations—
 “bureau de change” has the meaning assigned to it by regulation 3(2) below and references to a person operating a bureau de change shall be construed accordingly;
 “buying rate” means the amount of a specified foreign currency which the person giving the exchange rate indication will buy from a consumer for the sum of £1 sterling, subject, if that be the case, to payment of any commission or other charge not taken into account in the calculation of that amount;
 “deal” means purchase from or sell to a consumer foreign currency and “dealing” shall be construed accordingly;
 “exchange rate”, except in the expression “exchange rate indication”, means a buying rate or a selling rate, as the case may be;
 “exchange rate indication” has the meaning assigned to it by regulation 3(3) below;
 “foreign exchange” means the currency (other than sterling) of any country and in any form (other than bankers' drafts) and includes European Currency Units; and
 “selling rate” means the amount of a specified foreign currency which the person giving the exchange rate indication will sell to a consumer for the sum of £1 sterling, subject, if that be the case, to payment of any commission or other charge not taken into account in the calculation of that amount.
3 

(1) The provisions of these Regulations have effect when a person to whom paragraph (2) below applies gives, in the course of business, an indication of a description to which paragraph (3) below applies.
(2) This paragraph applies to any person who operates a bureau de change, that is to say, an enterprise in the course of which he buys from, or sells to, consumers any foreign currency: any act done by him at any premises to which consumers are admitted and at which he does not in any way hold himself out to consumers generally as being prepared to buy or sell any foreign currency.
(3) This paragraph applies to any indication to consumers, however given, of an amount in one currency which the person giving the indication will or may buy from, or sell to, a consumer in exchange for an amount of sterling (an “exchange rate indication”) and applies whether or not the rate or amount of any commission or other charge is stated; and these Regulations have effect whether or not the indication constitutes an offer.
(4) These Regulations—
(a) have effect in relation to any person whether he is acting as principal or as agent for any person; and
(b) do not have effect in relation to any person solely because he holds himself out as willing to accept, or accepts, payment in a foreign currency for goods, services, accommodation or facilities which he supplies or has supplied.
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.
5 

(1) Where one or more written exchange rate indications are displayed on any premises, a written exchange rate indication (together with related statements required to be given under regulation 4 above) shall be given clearly and prominently and so as to be visible to each consumer—
(a) as he approaches the premises or the part of the premises where the bureau de change is operated; or
(b) as soon as he enters the premises or, as the case may be, that part.
(2) Any exchange rate indication and any statement required to be given under regulation 4 above shall—
(a) be clearly expressed, unambiguous and easily identifiable by a consumer as applying to the currency in question; and
(b) be given audibly (in the case of an oral indication or statement) or legibly (in the case of a written indication or statement).
(3) Any written statement which is displayed on any premises shall be given as clearly, legibly and prominently as the exchange rate indication to which it relates.
(4) In paragraph (2) above, the reference to an exchange rate indication includes a reference to any net price to which regulation 4(5) above applies.
6 

(1) Subject to paragraph (2) below, when a person who operates a bureau de change and who has given an exchange rate indication relevant to the transaction sells or buys foreign currency, he shall furnish to the consumer at the time when the currency is supplied a document (a “receipt”) containing the following information—
(a) the date by reference to which the exchange rate is determined;
(b) the amount of foreign currency involved;
(c) the amount of sterling involved;
(d) the rate of exchange;
(e) the rate or amount of commission or other charge levied by him which is not included in the exchange rate stated;
(f) the net amount paid to the consumer; and
(g) the name and address of the person operating the bureau de change or such other information as will enable those particulars to be readily identified by the consumer,
(2) Where currency is supplied to a consumer by means of a machine which is operated by him and which exchanges cash or an instrument representing cash in one currency for cash or an instrument representing cash in another currency,—
(a) in the case of a machine which is so designed as to be capable of providing a receipt, the obligation to supply a receipt does not arise unless the consumer requests, by means of an instruction given to the machine, that a receipt be supplied; and
(b) in the case of a machine which is not so designed, the obligation to supply a receipt does not arise if there is displayed on or in close proximity to the machine and so as to be visible to a consumer as he approaches the machine, a notice to the effect that a receipt will not be provided.
(3) In this regulation, “instrument representing cash” includes a cheque or travellers' cheque but does not include an instrument capable of being used (whether or not some other action is also required) for the purpose of initiating a transaction through an automatic teller machine or automatic cash dispenser.
7 

(1) In the case of a machine in relation to which a person who operates a bureau de change gives an indication that, in exchange for the insertion into the machine of one or more specified coins in one currency (with or without some other action by the consumer), one or more coins in another currency will be dispensed by the machine, that person shall cause to be displayed on the machine, or in close proximity to it, a notice which—
(a) is visible to the consumer as he approaches the machine; and
(b) clearly states the value of coins in the other currency which will be given in exchange for each specified coin of the first-mentioned currency.
(2) In a case where this regulation has effect, regulations 4 to 6 above shall not apply.
8 

(1) Any information or explanation provided for the purposes of regulations 4, 6(1) and 7 above shall be accurate.
(2) No indication as to a price or any other matter shall include any statement that an exchange rate indication is not to be relied upon.
9 

(1) A person operating a bureau de change who contravenes any provision of these Regulations shall be guilty of a criminal offence.
(2) An offence under this regulation shall be punishable—
(a) on conviction on indictment, by a fine; and
(b) on summary conviction, by a fine not exceeding the statutory maximum.
(3) In relation to an offence under this regulation—
(a) section 24(2) of the Act (defence that indication not contained in an advertisement) shall apply as it applies to an offence under subsection (1) or (2) of section 20 of the Act;
(b) section 39 of the Act (defence of due diligence) shall apply as it applies to an offence mentioned in subsection (5) of that section; and
(c) subsection (1) of section 40 of the Act (liability of persons other than principal offender) shall apply as it applies to an offence mentioned in section 39(5) of the Act and subsections (2) and (3) of the said section 40 shall apply as they apply to an offence under the Act.
(4) In this regulation, “the Act” means the Consumer Protection Act 1987.
E. Leigh
Parliamentary Under-Secretary of State,
Department of Trade and Industry
19th February 1992