Financial services basic rate calls
The Financial Conduct Authority now requires all financial firms to charge customers no more than the basic rate for telephone calls about existing business. This echoes the spirit of the requirement about call charges contained within the Consumer Contracts Regulations which apply to most other businesses.
Since 26th October 2015 banks, card companies, insurance companies and other organisations regulated by the FCA are only allowed to offer geographic rate or freephone numbers for customer service enquiries, including complaints. This means permitted number prefixes are 01, 02, 03 and 080. Standard mobile telephone numbers are also allowed, providing that the company ordinarily uses them to receive calls.
This new rule by the FCA has been publicised in Policy Statement 15/19 Chapter 3. The FCA regulation appears here and here.
Breaches of the regulations can be reported to the FCA on 0800 111 6768 (freephone) or 0300 500 8082 (inclusive or geographic rate).
Since 26th October 2015 banks, card companies, insurance companies and other organisations regulated by the FCA are only allowed to offer geographic rate or freephone numbers for customer service enquiries, including complaints. This means permitted number prefixes are 01, 02, 03 and 080. Standard mobile telephone numbers are also allowed, providing that the company ordinarily uses them to receive calls.
This new rule by the FCA has been publicised in Policy Statement 15/19 Chapter 3. The FCA regulation appears here and here.
Breaches of the regulations can be reported to the FCA on 0800 111 6768 (freephone) or 0300 500 8082 (inclusive or geographic rate).
Amended: 2017-02-22
