Trust and trustworthiness are crucial to any exchange relationship. So, after a range of scandals, how does the financial services industry rebuild faith in what it does?
Trust, once lost, is notoriously hard to regain. The 2008 financial crisis, bankers’ bonuses, the payment protection insurance scandal, and Libor rigging are just a handful of the negative stories that have eaten away at the reputation of financial services. So what can the industry do to rebuild itself in clients’ eyes? Trust could be rebuilt if consumers knew who was “on their side” and who was acting in their best interests. The separation of sales from advice, as implemented by the Retail Distribution Review (RDR), can be seen as a positive step in the right direction. But w...
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