One in five don’t trust their bank

By staff

One in five people no longer trust banks to keep their money safe, according to a report from Which?.

The banking sector appears to be losing the trust of its customers as fast as the value of its shares, the survey found.

Over a third of people (37 per cent) think that banks cannot be trusted to act in the best interests of the UK economy, while 21 per cent do not trust banks with their money.

Which? personal finance campaigner, Doug Taylor, said: “The sword of Damocles is hanging over the banking sector. The message is loud and clear – people think the banking system needs to be reformed.

“Surely with such a ground swell of public feeling, it’s time that the banks, Government and regulators sat up and took note? People are angry and they need answers, fast.”

The poll also showed over eight in ten (84 per cent) of people think the banking system needs to be reformed.

Lending practices are clearly blamed for some of the current troubles.

Almost nine in ten people (88 per cent) agreed that financial institutions have encouraged excessive borrowing, while 87 per cent felt that banks should make better checks that people can afford to repay loans before they agree them.