A new survey by consumer group Which? has revealed that more than eight out of ten Britons think the banking system needs to be reformed. 84 per cent of Brits questioned in the study said they think the banking system needs to be changed, whilst around 37 per cent of respondents said they had lost trust in the banks to act in the best interests of the economy. The study also shows that 38 per cent of Brits don’t think the sector provides the best returns on their money, whilst 21 per cent no longer consider their money safe in the hands of banks. With less than a third of people trusting banks to be sympathetic in the case of financial difficulties, nine out of ten consumers believed banks to have encouraged excessive borrowing .
Personal finance campaigner at Which?, 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.’
Brits Lose Faith in Banks
Financial Services > e-banking > Banking news
Brits Lose Faith in Banks
Wed, 18 Feb 2009
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