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CIS calls for more industry involvement in community

Cooperative Insurance Society is calling for the financial industry to get involved in community initiatives in an attempt to tackle financial exclusion.

It follows the publication of CIS&#39s social report which reveals the public

has a deep mistrust of the industry. Only car manufacturers, oil companies

and the Government were rated less socially accountable than financial

services.

CIS says the industry is still tainted with the fallout from the

well-publicised problems surrounding pensions and endowment mortgages.

Initiatives such as league tables for financial products are seen as steps

in the right direction but the CIS says companies need to take these plans

further.

General manager of marketing Martin Clarke says: “Customers will only

start to regain faith when financial services are fully open and

transparent about what they do.

“If insurance companies are brave enough to have proper social reporting,

then they can go a long way to restoring people&#39s confidence.”

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