Trust in the financial services sector at rock-bottom

Trust in the financial services industry is still at rock-bottom following the fall-out from last year’s financial crisis, according to a study.

Money

The Direct Marketing Association survey found almost three-quarters of consumers (71%) say they do not trust the industry.

In addition, one in ten (10%) state they have a complete distrust of marketing supplied by banks.

The findings follow comments made by the chairman of the Financial Services Authority, Lord Adair Turner, last month who said banks must return to basics in order to regain the public’s trust.

Retail brands such as Tesco, Marks & Spencer and Sainsbury’s have also pushed further into financial services in the past year in order to take advantage of the lack of trust in the financial services industry.

Sectors enjoying an increase in public trust include charities and utility companies. The only sector below financial services on the trust scale is government, which registered trust levels of just 19 per cent.

The DMA Financial Services Tracking Study was conducted by fast.MAP throughout August and September among a panel of 1,600 consumers whose demographics echo those of the UK.

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