CA warns banks of consumer mistrust

17 September 2003
The Consumers' Association (CA) has warned that UK consumers are growing increasingly wary of the banking sector.

CA spokesperson Mick McAteer highlights investment misselling and pensions instability as reasons for a lack of public confidence.

He stressed that a number of high profile scandals over the last twenty years has tarnished the industry as a whole.

Speaking on Channel Four News he stated how incidents such as Lloyds' recent misselling of high income investment plans deters the public:

'Not surprisingly, consumer confidence has been shattered as a result of a litany of misselling scandals over the past two decades and this litany of misselling has left a legacy of mistrust.'

Mr McAteer suggested that the public is growing increasingly reliant upon the private sector to secure financial futures.