HSBC most trusted big bank
16/04/2007
HSBC is the most trusted big bank in Britain, a new report from Fool.co.uk claims.
However, according to the survey, two third of customers registered with all five of Britain's biggest banks - HSBC, Barclays, Lloyds TSB, NatWest and HBOS - do not trust their financial service providers to sell them the right products.
Moreover, one in eight apparently claimed they had been victims of mis-selling.
Although HSBC was the most trusted by customers, almost three-quarters of Barclays customers stated that they suspected Barclays' intentions when it sold them a product.
But this relationship of distrust appears to be partly due to consumer ignorance about the services their bank is providing – one in three people questioned said they thought their bank had sold them a product which did not best suit their needs, but they could not be sure.
"Your bank is there to serve you, and it must be held accountable!" stressed Fool.co.uk's head of personal finance, David Kuo.
But regulators prefer to put the onus on independent financial advice, and plans are currently under way for a government-sponsored nationwide independent advice service.
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