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PPI claims: Public 'do not believe' politicians will change banking sector

In spite of the recent misselling of credit card payment protection insurance (PPI), the rigging of Libor rates and other scandals in the financial services industry, the public do not believe politicians will legislate effectively against banks.

This is according to a recent poll by consumer advocacy organisation Which? that found 58 per cent think if the coalition tried to drive change in the sector, it would be fruitless.

The Labour Party's results were only mildly better, with 55 per cent saying the opposition would be ineffective, while 29 per cent said they could not trust any politician to do it and 28 per cent saying the same about political parties in general.

Consumers said during the poll that issues such as PPI claims have reduced their levels of confidence in the industry, with 43 per cent complaining banks had tried to sell them services or products they did not require or need in the last 12 months.

"This public mistrust is a consequence of the way banks have been allowed to get away with mass misselling, poor service and one scandal after another without any individuals being properly held to account," Which? chief executive Peter Vicary-Smith said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801467392-ADNFCR

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