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Which? claims public lack of trust in financial services

Only 47 per cent of consumers trust the financial services industry and 21 per cent have had a bad experience with a financial company, according to research from Which?
The consumer body interviewed 528 people for the survey and claims it shows the industry has a long way to go to regain the full trust of the public.
Which? personal finance campaigner Doug Taylor says: “These are worrying statistics. The financial services industry’s past actions and misselling scandals have scarred British consumers.
Our research found that more than two in five consumers (43 per cent) do not have any personal pension provision at all so we need to instill trust to encourage consumers to save now for their retirement.
The industry could not be trusted to deliver on the government’s flagship stakeholder pensions policy a couple of years ago and it cannot be trusted now.”

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