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Bank claim: Savers want more information on what banks do with their money

Consumers who are in the process of making a bank claim may well be among the 85 per cent of savers who would like more information on what these financial establishments do with their money.

Charles Middleton, managing director at ethical bank Triodos, was commenting after the release of an Independent Commission on Banking (ICB) report.

He said that the report falls short because banks need to start being transparent, while questions over what role they play in society should be questioned.

Research by Triodos found that 25 per cent of savers have never been provided with information on how their savings are used.

Three quarters of people said they wanted banks to take more responsibility and do more to help society.

Mr Middleton said: "If the banking industry is to win back the support and trust of the British public, it is vital they make their business models more transparent with clear reporting across all levels of business.

"Savers need to be able to make informed choices as to how they want their deposits used."

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800726323-ADNFCR

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