Study: 18% of UK consumers mistrust their bank

12 July 2012

Around a fifth of all consumers in the UK have completely lost trust in their bank due to the recent crisis in the global financial system.

That is according to new research conducted by MoneySupermarket, which has revealed this to be the case for 18.4 per cent of Britons, leading them to explore the possibility of moving their account elsewhere.

In addition, some 27.1 per cent of participants declared that they now trust their bank less than prior to the recession but will not switch to a rival firm as a result, with 8.5 per cent admitting they would like to change but think doing so would be too much hassle.

Kevin Mountford, head of banking at MoneySupermarket, observed: "It is not surprising the recent high-profile issues in the banking sector has impacted the levels of trust consumers have towards their banks."

However, despite the problems experienced by the financial sector over the last few years, some 20.4 per cent of customers said they remain satisfied with the service their bank offers.

By Asim Shah

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