UK banks must begin to make themselves more trustworthy by finally delivering on the promises they make to customers, it has been claimed.
Indeed, this is the view of chief ombudsman Natalie Ceeney who was speaking at the fringe events run by the Consumer Credit Counselling Service at the Conservative and Labour party conferences.
She said that most financial services and banks are promises but too often, these are falling short of the expectations of customers.
The expert highlighted the amount of people that had payment protection insurance (PPI) sold to them when they could never use it or didn't require it as further evidence of this mistrust.
Last month it was revealed by the Financial Ombudsman Service that claims of PPI mis-selling were up 27 per cent to 135,170 in the first six months of the year.
Ms Ceeney added: "A generation ago, banks represented one of the most trusted institutions in the UK. Now customers feel let down and disappointed."
By Gary Cooper