Which? noted that consumers have also lost confidence in major lenders because of a series of bank scandals, such as the mis-selling of Payment Protection Insurance (PPI) and Libor interest rate rigging, as well as outright IT failures at Natwest and Nationwide.
If you think that banks have learned their lesson since the financial crisis of five years ago, you’d very much be in the minority – at least according to a recent report commissioned by one of the market leaders in unbiased research. In a recent survey, consumer champion Which? revealed that almost three quarters of respondents asserted that banks still haven’t learnt any lessons since the downturn, and that they are largely to blame for the global financial crisis that still plagues citizens in both Britain and abroad.
The outcome, which was announced as a parliamentary inquiry on banking standards begins, discovered that 71 per cent of those interviewed do not believe that UK banks have taken stock of the situation they became embroiled in since 2007; it marks a rise of ten per cent on the 61 per cent who said the same back in September 2011.What’s more, not many of them expect the situation to change: just over one quarter of people (26 per cent) are confident that it will lead to positive improvements. Many, it could be said, are looking for alternatives to their current status with high street lenders – some are seeing attraction in mutual such as building societies, while others may look to ethical providers such as Secure Trust Bank for their financial solution of choice.
Chief executive of Which? Peter Vicary-Smith said of the situation: “The parliamentary banking inquiry must produce proposals for fundamental change to the culture and practices of the banks and put the best interests of consumers back at the centre of reforms. Nothing should be off the table if the government is to rebuild consumer confidence in this essential service.”