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PPI refunds: Banking 'one of the least trusted professions'

Following the payment protection insurance (PPI) misselling scandal and the rigging of Libor and Euribor rates, a Which? poll has found that banking is one of the least-trusted jobs in the UK.

Only 11 per cent of respondents said they trust bankers to act according to the interests of their customers, with just six per cent associating ethical behaviour with the sector and ten per cent calling bankers "well-regulated".

However, 67 per cent believe a banker who cheats or lies is unlikely to lose their job, while 63 per cent predicted a bank worker who failed to comply according to codes of conduct would not be fired.

A further 64 per cent claimed a banker who received a high number of complaints would still be in their job, with the same proportion anticipating that a bank worker who consistently delivered poor service would still remain employed.

"We thought we'd seen banking at its lowest point when the public were forced to bail out the banks, but since then we've seen the libor rate-rigging scandal and continued misselling," Which? executive director Richard Lloyd remarked.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-801451966-ADNFCR

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