National should back transparency

The Post reports:

A law change designed to make international bank transfers more competitive has progressed in Parliament this evening, without the support of the National Party.

Labour MP Arena Williams’ private member’s bill would require banks and money transfer services to clearly disclose the total fees and foreign exchange (FX) margins they will earn before customers agree to send money overseas.

This seems like a good law change. Markets are not perfect (but way way better than the alternative). Econ 101 teaches you only get perfect markets if you have perfect information. So while I am wary of regulatory burdens on businesses, ones that give consumers better information tend to be laudable.