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PPI and Libor scandals add to Brits' mistrust of banks

It is five years since the official beginning of the banking crisis, yet this sector has failed to win back the public's confidence, consumer advocacy body Which? has stated.

The group highlighted the misselling of payment protection insurance (PPI), as well as the rigging of Libor rates, duplicate or incorrect bank charges caused by IT failures at Nationwide and NatWest and other scandals to hit the industry as some of the reasons for this disillusionment.

A survey by the organisation found 71 per cent of people do not believe the financial crisis has taught UK banks a lesson they have learnt from, compared with 61 per cent in September 2011.

Furthermore, 84 per cent do not believe the banking industry has done enough to prevent another credit crunch, while only 26 per cent of respondents are confident that the parliamentary enquiry into the sector will result in change.

John Mann, a member of the British Parliament's Treasury Committee, recently predicted that this investigation will be a "whitewash".

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801425667-ADNFCR

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