Financial Sector Catches up With 0845 Changes


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On 26th October 2015 the financial sector were banned from using 0845 and similar numbers for customer service.

Following a recent announcement from the Financial Conduct Authority (FCA), financial services companies, including banks and insurance companies, will no longer be allowed to provide 084, 087 or 09 numbers for existing customers to use. This came into effect on 26th October 2015.

Regulations regarding the use of 0845 and similar numbers in customer service came into effect on 13th June 2014 – stating “Customers should not be made to pay extra for attempting to rectify problems which are not their fault”.

While these came into immediate effect for retailers, traders and passenger transport, the financial sector was excluded.

The latest announcement marks a positive step forward for customer service, and will ensure that all sectors are brought into line with one another by the end of the year.

“We welcome the fact that the FCA has finally caught up. This is good news and we expect the new regulations to be largely effective,” said David Hickson of The Fair Telecoms Campaign. “If new customers have to pay a “Service Charge” to make contact with a company, this will be permitted, but one must wonder if the company really understands what it is doing – given that it must declare this charge.”

The news has been welcomed by the industry

“We wholeheartedly support the FCA’s ban on 084 and 087 numbers for all existing customers. It seems many businesses are still unaware of the changes to call charges that took place on the 1st July. Many are not updating their marketing information in relation to the access/service charges, or worse still, are ignoring the rules altogether,” said Martyn King, Managing Director at Nexbridge Communications. “We can fully understand the FCA’s position with regard to customers of financial institutions being subject to high call charges, and suggest that a move to an 03 number range would be more palatable for the caller.”

“It’s reassuring news that the FCA have finally removed the premium rate call exemptions when calling into financial institutions. These 084 and 087 numbers are expensive for customers contacting their bank or investments support line and we therefore wholeheartedly welcome this reduction in charges, which will be in line with 01, 02 or 03 geographical telephone numbers as of 26th October 2015,” said Nigel Dunn, Managing Director at Jabra UK&I . “However, the general public needs to be aware that this change in legislation is applicable to existing customers only and won’t apply to non-customers or services that are outside of a contract between the financial services company and the customer. We believe these exemptions also need to be addressed in order to allow the continued prevalence of voice enquiries at an acceptable rate per minute.”

High-street banks have already made the switch to 03 numbers

Ahead of this formal announcement, high-street banks have already been making the switch – with companies including Lloyds Bank, NatWest and Barclays moving from 0845 numbers to their 03 equivalent.

However, there is likely to be some delay with updating all the connected publicity material to display the new numbers.

“Changing all the publicity material for any large company takes time – especially when you consider every cash point and leaflet has to be amended,” continued David Hickson. “If you do come across an 0845 number displayed on any customer service leaflet, cash point or similar, try changing the 8 to a 3. The chances are it will work – the company just hasn’t got around to updating that specific piece of marketing material yet.”

Will your contact centre be impacted by these new changes? What do you plan to do?

Author: Megan Jones

Published On: 29th Jul 2015 - Last modified: 18th Sep 2019
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1 Comment
  • While sales and enquiry lines are permitted to use 084, 087 and 09 numbers, since 1 July 2015 the applicable Service Charge must be declared alongside wherever any such number is advertised.

    Accordingly, when faced with this additional charge, potential customers are free to take their custom elsewhere – to a business that does not impose any such additional charge – and will do so.

    Ian 2 Aug at 18:37