Banks may be forced to publish call wait times as a drastic measure

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

The Financial Conduct Authority (FCA) is considering the move to leave those upset at being stuck waiting for the information needed to switch to a rival lender.

Sheldon Mills, executive director of Consumer and Competition at the regulator, ruled out establishing fixed minimum times for banks to answer the phone 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 they think about moving somewhere else, to a different provider, they can have that information to draw on.” That into account.’

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

One attendee suggested that consumers “should have access to wait times before purchasing from these companies” and if banks “can’t take calls from their existing customers, they should be prevented from accepting new customers.”

Mills added: “My view is that what we need to ensure is that businesses provide the highest standards of customer service.”

A spokesperson for trade body UK Finance said: “Banks always want to offer the best service and when customers contact them by phone their aim is to get them through to the right person as quickly as possible.”

“Each bank offers a variety of different ways to contact them to ensure people get the help they need.”