Banks 'are not concerned with consumer's views'

Posted by Mark Cunningham

The majority of banks operate more in their own interests than in those of their customers, according to a new survey.

Research from Which? has found that 96 per cent of people believe financial institutions are more concerned with their performance than with helping consumers.

The study, which features the views of 300 people that appeared at the Which? Big Banking Debate in London last week, also revealed that 74 per cent believe banks should be broken up to improve competition.

In addition, almost half (47 per cent) want them to separate the retail and wholesale aspects of their operations.

Chief executive of the consumer advice group Peter Vicary-Smith said that the public has strong feelings regarding the future of the finance sector.

"It's wrong that, until now, the voice of the customer has been missing from the debate on how to bring much-needed reform to our banking system," he stated.

Last month, research from Santander Cards revealed that around 4.5 million people will be transferring their credit card balance to a new provider in the first quarter of this year in order to take advantage of better rates. ADNFCR-2353-ID-19603854-ADNFCR

08/02/2010 17:35

News category: Consumer

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