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Just third of public say firms are fair

Only a third of consumers believe they are treated fairly by financial services companies, according to research from Teamspirit.

The survey found that 36 per cent of people say firms treat them fairly, with this figure dropping to 11 per cent when consumers were asked about loan companies.

Building societies came top, with 56 per cent saying they are treated fairly, followed by high-street banks with 53 per cent, supermarkets with 44 per cent and direct/online banks with 35 per cent.

Insurance companies came next with 34 for per cent, followed by credit card companies with 31 per cent and investment companies with 15 per cent. Advisers were not included in the research.

Teamspirit managing director Jo Parker says the results show many companies are under prepared for the growing significance that the FSA will give to its treating customers fairly initiative this year. Parker says: “The results show businesses may need to do more to ensure they are meeting the standards set out in TCF. It is a little worrying that no one scored higher than that.”

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