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At least five years before trust restored in UK banks, says CISI survey

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The scale of the challenge faced by UK banks to regain the trust of the public has been highlighted by a CISI survey.

 
Of more than 750 respondents to the online survey, 86 per cent feel that it will be at least five years until banks win the confidence of the country.
 
Those taking part were asked to choose from four options. Some 31 per cent believe that trust will not be restored for more than a decade. This was followed by five years (29 per cent), six to ten years (26 per cent) and less than three years (14 per cent).
 
One contributor argued that it would take a generation for the banks to be viewed positively.
 
The respondent said: “While we continue to see banks brought to account with no more than a financial penalty, the public will not forgive. Penalties need to be personal with those responsible losing their right to work in the industry and in some cases their freedom.”
 
Another said: “Trust will only build if banks act with more integrity.”
 
The Parliamentary Commission on Banking Standards has called for measures including a new law to jail bankers for misconduct and greater powers to claw-back bonuses, which CISI has commented on.

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