Global banking sector 'needs stronger regulations'

9 July 2012

Some 37 per cent of people globally think there needs to be more regulation in the banking sector.

Individuals from 24 countries were asked for their opinion as part of an Ipsos Mori poll and the sector was selected as the one most in need of stricter rules.

In the UK, 68 per cent had this opinion, while people from Spain (66 per cent), France (65 per cent), Belgium (60 per cent) and Germany (59 per cent) also strongly agreed with the assertion.

Operating transparently is a big issue, as 51 per cent of consumers worldwide think the financial services industry needs to improve in this area.

Managing director of Ipsos Mori's reputation centre Milorad Ajder observed payment companies such as Visa and MasterCard are receiving more favourable scores than banks because they are being seen as visible and convenient.

He added they are also benefitting from not being "embroiled in the financial crisis and the scandals that have tarnished the rest of the financial industry".

By Gary Cooper

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