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.'

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