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Home > Investments > Economic Indicators

Bankers don’t trust their own industry: CISI

The public might be fed up with financial services, but most people working in the industry don’t even trust UK banking, a survey has revealed.

By Julia Bradshaw | Published Aug 07, 2012 | comments

Two thirds (68 per cent) of financial services practitioners retain little or no trust in the UK banking industry following the latest scandals to hit the sector, the survey from the Chartered Institute for Securities and Investment found.

One quarter (25 per cent) had “zero” confidence in banks and only 2 per cent said they considered the sector to be “totally trustworthy”.

One respondent said the banking sector had been “corrupted” by the need for yearly profit growth at all costs, saying: “enforced integrity and complete transparency is the only solution”.

Another respondent said: “The scandals and greed never stop. We need to see a clean financial services sector with no more FSA fines for the next five years to rebuild trust. Only personal fines for directors and prison for perpetrators can change the fat-cat culture. An embarrassment to all of those who call ourselves bankers.”

However, one person said: “It is important to keep a sense of perspective. A few bad apples should not tarnish an entire industry.”

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