UK consumers lose faith in banks

UK consumers perceive banks to be 'greedy' and 'impersonal' according to a new report launched today.

Hunt: Cohn & Wolfe head of financial services
Hunt: Cohn & Wolfe head of financial services

The Financial Confidence Survey, commissioned by Cohn & Wolfe, found that 49 per cent of consumers identified ‘greedy' as their perception of financial institutions.

Over a third (36 per cent) said they were ‘impersonal' and 34 per cent said they were ‘distant'. Only two per cent said they thought banks were ‘ethical' and four per cent said they were ‘trustworthy'.

The survey, which polled 852 consumers, also found that almost two thirds (64 per cent) of respondents' trust in financial institutions had weakened over the last 18 months.

‘Given the broader economic climate and the crisis which has hit this sector we anticipated seeing consumers report deterioration in trust,' said Cohn & Wolfe head of financial services Ros Hunt. ‘However, the depth of resentment surprised us, demonstrating how badly customers perceive financial organisations.'

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Latest Articles

John Lewis to tell brand story with "tasteful" 150th anniversary celebrations

John Lewis to tell brand story with "tasteful" 150th anniversary celebrations

Department store John Lewis is to use its 150th anniversary this year to talk about its history, which "not enough people know about", according to director of communications Peter Cross.

Labour hires Obama election strategist David Axelrod to fight General Election

Labour hires Obama election strategist David Axelrod to fight General Election

The man who helped Barack Obama win the 2008 and 2012 US presidential elections is to work for Labour along with members of his team.

Sky adds Fever PR to its roster after splitting with Cake

Sky adds Fever PR to its roster after splitting with Cake

Pay-TV giant Sky has added Fever PR to its agency line-up for a wide-ranging brief covering products and services.

Max Clifford trial jury to continue deliberations after Easter break

Max Clifford trial jury to continue deliberations after Easter break

The jury in the trial of celebrity publicist Max Clifford has been sent home for Easter and will reconvene on Tuesday for further deliberations about its verdicts on 11 charges of indecent assault.

Home Office brings in Munro & Forster to campaign against FGM

Home Office brings in Munro & Forster to campaign against FGM

The Home Office has tasked Munro & Forster (M&F) with supporting its campaign to eradicate female genital mutilation (FGM) as part of a wider retained brief.