British public 'don't trust banking sector'
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By Darren Estwick. |  |
Monday, 25, Jan 2010 12:30
By inthenews.co.uk staff.
The British public still do not trust the banking sector in the wake of the global financial crisis, research has found.
A study from money.co.uk has said just seven per cent of the population "completely trust" their bank to treat them fairly, and only 15 per cent think moving to a different bank would make a 'real difference' to the way penalty charges are applied to their accounts.
The study found the crux of the nation's despair with the banks lies in the sense of 'fair play'; with a broad feeling that banks do not do enough to help their customers avoid inadvertently running up unauthorised overdrafts, for instance by allowing ATM withdrawals and debit card purchases when funds are not available.
Chris Morling, managing director, money.co.uk said: "It seems that the events of the last year or so - from Northern Rock and the credit crunch, to the supreme court bank charges ruling - have deeply affected our relationship with banks.
"The erosion of trust should be a real concern, and the perceived lack of an alternative even more so. Based on these findings, I believe the banks have much work to do if they are to win back our trust - particularly when it comes to individual treatment and 'fair play'.
"In the case of Northern Rock, we have already seen what can happen when a bank's customers completely lose faith in it."
The money.co.uk survey suggests that banks look closely at the way customers are treated if trust is to be won back.