Moneysavingexpert.com founder Martin Lewis has hit out at banks for being “untrustworthy” and using marketing to try to change their image rather than implementing changes that will ensure customers are treated fairly.
Speaking at the Lansons Communications Future of Financial Services conference in London last week, Lewis said he will campaign against banks until they are trustworthy.
He said: “I will do my utmost to make sure you are not trusted because you not trustworthy. If you want to be trusted then become trustworthy.
“Stop rejecting payment protection insurance claims that are then 60 per cent upheld by the ombudsman, stop having commission-based sales people flog products they shouldn’t and stop trying to sell people savings products when they are hideously in debt.
“The problem with financial services is that it wants to run its branding and marketing over the top like some nice, smily helpful banking. The truth is the friendly bowler hat bank manager has gone and bank sales-based advisers are not real advisers.”
Jacksons Wealth Management managing director Pete Matthew says large parts of the financial services industry have behaved badly, but he adds: “I would warn Lewis against tarring the entire industry with the same brush. The intermediary space is cleaning itself up through the RDR.”