In the article titled Fine-tune dated 5 July, Ray Boulger suggested that the Building Societies Association commission a poll asking about trust in building societies. The BSA had in fact already commissioned such research which found that levels of trust in banks reduced significantly over the past month as a result of the scandals around LIBOR fixing and the technical problems faced by RBS Group. Meanwhile trust in building societies had remained broadly stable.
The poll of 2,000 people which took place between 6-8 July found that;
66 per cent of consumers say that their trust in banks has reduced over the last month.
79 per cent of consumers say that their trust in building societies has stayed the same or increased over the last month.
16 per cent of bank customers say that they are likely to or have already switched provider as a result of the recent scandals and difficulties faced by banks.