Less than half of consumers trust the financial services industry and one in five have had a bad experience with a financial company, according to research by Which?
The survey of 528 people who were either working or seeking work reveals 47% trust the financial services industry as a whole and 21% have had a bad experience with a financial company in the past.
It also suggests more than two in five (43%) consumers do not have any personal pension provision.
Doug Taylor, personal finance campaigner for Which?, says the industry’s past actions and mis-selling scandals have “scarred” British consumers.
He states: “The industry could not be trusted to deliver on the government’s flagship stakeholder pensions policy a couple of years ago and it can’t be trusted now. Which? is calling for a simple, trustworthy scheme to deliver personal accounts in 2012 and turn the potential pensions crisis around.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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