Is The UK Losing Faith In Their Banks After Northern Rock Crisis?

Customers around the UK have lost faith in their banks after the crisis with Northern Rock. In a recent survey by Teamspirit, around 23% of people said that did not trust any type of institution while a massive 46% believe that high street banks are no longer trust worthy.

Building Societies have also come off badly from the survey, with 48% saying they no longer trusted them. 25% of people felt the same way about online banks.

The mistrust has seemed to have spread into other areas of the financial services industry thanks to the recent financial situation with Northern Rock. Just over a quarter of people (26%) no longer trust supermarkets to provide financial products and 22% have lost faith in credit card companies.

Shockingly, 20% of people no longer trust insurers!

Teamspirit CEO Joanna Parker has said,

“The Northern Rock situation has contributed to the low levels of trust that the British public has in companies that look after their money. But, with the UK having one of the most regulated financial services markets in the world, our industry offers customers a great deal of choice and flexibility.”

Have you lost faith in your bank after the recent crisis with Northern Rock? What happened to the good old days where putting money in your bank meant stuffing some notes under the mattress?

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