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Return of trust in finance sector to take two years, says Eversheds

More than half in the financial services industry believe it will take more than two years for the sector to recover trust following the credit crunch, according to research from law firm Eversheds.

The research also found that 79 per cent of business in the sector believe that the credit crunch has had a “very damaging” impact on reputation and trust from businesses and consumers.

The survey, carried out among attendees at a recent Eversheds seminar, found that 76 per cent were worried about a slowdown in their business and 83 per cent were concerned about the impact of global markets.

In addition 55 per cent were concerned about an anticipated regulatory crackdown with 40 per cent admitting concern about investigations by regulatory bodies such as the FSA and the Serious Fraud Office.

Head of the financial institutions group Pamela Thompson says: “The financial services sector has received a huge amount of criticism from both the media and the public in the fallout from the economic crisis and, as a result, the recovery of its reputation looks set to take some time.

“Those businesses that are proactively investing in risk management systems are taking the right steps to surviving this crisis. However, the research also showed that one in 10 businesses thought there would be less investment in risk management – this tactic could leave those companies vulnerable to regulatory investigation.”

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Sometimes even a tough Lancashire lad like myself has to admit to being very worried.

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