UK consumers least trusting of financial institutions
New data reveals half of consumers believe that banks, accountancy firms and private equity firms do not act in their best interests.
Around 47 per cent of global consumers do not trust banks, accountancy firms and private equity firms to act in their best interest, with confidence in financial providers lowest in the UK, findings from member-based advisory firm CEB has revealed.
CEB’s Consumer Financial Monitor, conducted among 18,000 consumers across 24 countries, found that the most positive sentiment was among consumers in Spain and Sweden.
The most common concerns of consumers to trigger this low confidence are the inability of financial providers to share consumers’ own values and to offer them clear and simple policies. Only 10 per cent and 11 per cent respectively expressed confidence in these areas.
Meanwhile, 47 per cent of consumers said they did not feel confident that banks could keep their money safe, while only one in ten thought that they could keep their commitments and promises.
Consumers felt most unhappy about the quality and range of borrowing products, with one third saying they were dissatisfied with the service offered by their financial provider.
Peter Aykens, managing director in financial services at CEB, said: “The low ebb in consumer confidence reflects the uncertain lending environment for businesses, particularly SMEs, many of whom have had to look beyond the banks to alternative institutional funds.
“At the same time, the link between the wealth and confidence in providers seems to support the notion that HNWIs have been least affected by the recession.”