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Consumers don’t trust the big banks

Barclays is the least trusted of the big five high-street banks according to research from independent personal finance website fool.co.uk.

A survey of almost 4,000 consumers showed that two-thirds of customers from Barclays, HSBC, HBOS, Lloyds TSB and Royal Bank of Scotland do not trust their banks to sell them the right products.

One in eight customers of the big five also claim that they have been missold a product.

HSBC emerged as the most trusted bank although it was only slightly ahead of Lloyds TSB, RBS and HBOS.

One in six Lloyds TSB customers claim to have been sold an unsuitable product while one in 11 of HSBC’s customers claim to be victims of misselling.

Barclays also came bottom of the table when it came to looking after customers’ money with more than one in five customers stating that money has gone astray from their accounts, while one in six HBOS customers say this has happened to them.

Fool.co.uk head of personal finance David Kuo says: “The research suggests that consumer confidence in the big five banks has plumbed to levels that are clearly unacceptable. Barclays has been singled out by Fool. co.uk readers as one of the least trusted but the other four banks have nothing to be proud of. It is especially disturbing because financial products are now more complex. Customers must be able to trust their banks to point them in the right direction and not have to worry about being led up the garden path.”

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