Banks may be forced to publish call wait times in clampdown

The City watchdog could force banks to publish call waiting times in a crackdown to help frustrated customers. 

The Financial Conduct Authority (FCA) is considering the move to give those annoyed at being stuck on hold for the information needed to switch to a rival lender. 

Sheldon Mills, executive director for consumers and competition at the regulator, ruled out setting fixed minimum times for banks to answer the telephone or respond to a query. 

But he said: ‘I will think about whether or not there should be more transparency in terms of customer waiting times so that when you might think about [if] you should move somewhere else, a different provider, you might have that information to take that into account.’ 

The comments came during the FCA’s annual public meeting, held online, when consumers are invited to question top bosses at the regulator. 

One of those attending suggested consumers ‘should have access to waiting times before we buy from these firms’ and if banks ‘cannot cope with their existing customer calls they should be stopped from taking new customers’. 

Mills added: ‘My view is that what we need to ensure is that firms are providing the highest standards of customer service.’ 

A spokesman for trade body UK Finance said: ‘Banks always want to provide the best service and when customers contact them over the phone, they aim to get their customers through to the right person as quickly as possible. 

‘Each bank offers a range of different way to contact them to ensure people receive the help they need.’

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