Public's trust in financial services must be restored, argues CII

The financial services sector needs to come up with solutions to the current issues that improve both the public’s perception of the industry and the reality of the situation.

This is according to a new report from the Chartered Insurance Institute (CII), which has urged firms operating in the market to move their focus back on meeting the needs of consumers.

Noting that firms in the industry have ’had a long-term trust deficit’, the CII called on companies to place a greater focus on professionalism, after its research showed that one in five customers will never trust the sector again following the events that occurred in the financial crisis.

’As we have seen recently, when trust fades, or is suddenly shattered, reputations that have taken a generation to build can be irrevocably damaged,’ observed director of policy at the body David Thomson, adding that firms need to create ’lasting solutions’ to help restore trust.

The report has come after the Financial Services Authority’s Lord Turner called on regulators to consider implementing new policies that limit expansion in global banking industry.ADNFCR-2318-ID-19628486-ADNFCR