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Christopher Woolard, the FCA\u2019s director of policy, risk and research said:<\/p>\nChristopher Woolard, the FCA\u2019s director of policy, risk and research said:<\/p>\n
\u201cIt is not fair that customers often have to use expensive phone lines when calling firms to ask for help or to complain.<\/p>\n
\u201cAt difficult times the last thing people need is the added stress of worrying about how much calls are going to cost.\u00a0\u00a0 We would welcome companies looking again at the rates they charge for phone calls ahead of our consultation.\u201d<\/p>\n
Richard Lloyd, Which? executive director said:<\/p>\n
“We’re pleased the FCA agrees customers shouldn’t have to pay a premium to talk to their bank or insurer. Changing the rules so financial firms can only offer basic rate helplines would be\u00a0a big win for the 87,000 people who supported our campaign.<\/p>\n
“Some of the\u00a0biggest banks\u00a0have\u00a0already dropped\u00a0costly calls\u00a0so there is no\u00a0reason why others shouldn’t follow their\u00a0lead. We’d like to see all financial services firms change to basic rate lines as soon as possible, and not wait until new rules come into effect.”<\/p>\n
Current FCA rules require every authorised firm to have a free channel for making a complaint. While some firms do provide a Freephone number, this \u2018channel\u2019 could also be by post or online.<\/p>\n
The FCA\u2019s consultation will propose the standardisation of the rules so that charges for consumer help, and complaint, lines are capped at the cost of a basic rate call. In a letter to consumer group, Which?, the FCA said it believed that the introduction of requirements in the Consumer Rights Directive, designed to ensure firms no longer charge a premium for calls, should apply to all financial services firms.\u00a0 The Directive requires firms to offer basic rate numbers for enquiries but at present, this does not apply to financial services firms.<\/p>\n
In the same consultation the FCA will also look at a number of proposals to improve complaints handling by financial services firms including looking at complaints reporting and responding to the recommendations of the Parliamentary Commission on Banking Standards.\u00a0\u00a0 The consultation will be published later this year.<\/p>\n