Home News Two Thirds of Customers No Longer Trust Britain’s Banks

Two Thirds of Customers No Longer Trust Britain’s Banks

by Dave

A new poll has showed that nearly two thirds of bank customers’ no longer British banks to look after their finances. In addition a massive 49 percent of customers believe that the UK’s high street banks are dishonest and 45% think that they are incompetent.

The figures are part of the results highlighted in a poll by YouGov, commissioned by the Sunday Times. The poll shows the level of unhappiness in the banks felt by its customers after a seemingly endless trail of scandal and incompetence rewarded with ridiculous salaries.

The latest scandal by the banks could see some bankers prosecuted and imprisoned, as the Serious Fraud Office is investigating interest rate rigging on lending between banks. The SFO should have its decision on the criminal charges within a month.

George Osborne, Chancellor is expected to announce a parliamentary enquiry in the wake of the scandal.

Barclays Bank which is at the centre of the latest scandals saw the resignation of its chairman Marcus Agius because of the rigging. Barclays was fined £290m last week for attempting to manipulate the London interbank offered rate (Libor), between 2005 and 2009.

Louis Brooke from Move Your Money UK, the campaign group that encourages consumers to shop around for banking, said: ‘This week’s revelations about widespread interest rate fixing have obliterated any remaining consumer trust in the big banks.’

‘The manipulation of the Libor rate is not a victimless crime. Ordinary households can no longer be sure whether they’re paying fair rates on their mortgages.

‘Small businesses simply trying to make it through the month can no longer be confident that their bank won’t tip them over the edge.’

‘It’s up to consumers to hold the banks to account by moving their money.’

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