Partner Article

Public has 'lost faith' in banks

Consumers have lost trust in banks, according to new research from Which?. Over a third of people (37%) think that banks can’t be trusted to act in the best interests of the UK economy.

Many people don’t even think they are capable of doing their job properly. One in five people (21%) don’t trust their bank to keep their money safe and almost four in ten (38%) don’t believe their bank will get them the best return on their money.

Banks are going to have to try harder if they are to appease the British public with less than one in three people (29%) trusting their bank to be sympathetic to them if they ran into financial difficulties.

Many of those questioned think that banks have been irresponsible with their lending too - almost nine in ten people (88%) agreed that financial institutions have encouraged excessive borrowing and 87% felt that banks should make better checks that people can afford to repay loans before they agree them.

Which? personal finance campaigner, Doug Taylor, said: “The sword of Damocles is hanging over the banking sector. The message is loud and clear - people think the banking system needs to be reformed.

“Surely with such a ground swell of public feeling, it’s time that the banks, Government and regulators sat up and took note? People are angry and they need answers, fast.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .