Around one in two people do not trust the financial services industry, according to research finding...
Around one in two people do not trust the financial services industry, according to research findings from Which?.
The research found that only 47% of consumers trust the financial services industry as a whole and one in five has had a bad experience with a financial company in the past.
It suggested consumers who do not trust the industry are more likely to have had a bad experience.
Doug Taylor, personal finance campaigner at Which?, said these were worrying statistics. "The financial services industry's past actions and mis-selling scandals have scarred British consumers," he added.
He said that the industry could not be trusted to deliver on the Government's flagship stakeholder pensions policy a couple of years ago and it has not changed as it can not be trusted now.
He concluded, adding: "Which? is calling for a simple, trustworthy scheme to deliver Personal Accounts in 2012 and turn the potential pensions crisis around."
