Brits lack confidence in their bank's financial services

Thu, 04 May 2006

Almost half of Brits don't trust their bank and the financial services it offers, reveals a new report.

According to the website Moneyfacts, more and more consumers are voicing their complaints about the poor standard of their banks' financial services.

Emma Butler from Moneyfacts said that the fact that 46 per cent of consumers don't trust their bank is "not a surprise".

She adds that this growing customer dissatisfaction is forcing banks into altering their practices, citing Lloyds TSB's move to pay instant interest on cheque payments as an example of this.

These findings mirror the statistics recently released by the Banking Code Standards Board (BCSB), which revealed that the number of complaints against high street banks has increased by almost half within the last year.

The BCSB received 3,500 complaints in 2005, but said they suspect this may only be "the tip of the iceberg" in terms of the true depth of consumer dissatisfaction.

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