The results of research* conducted by The Co-operative Bank current accounts has revealed that bankers, MPs and estate agents are amongst the most distrusted professions in the UK.
Smooth talking politicians topped the poll with 57 per cent of the vote, closely followed by bankers with 43 per cent.
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The survey also revealed that 54 per cent of Brits are less trusting than they were a year ago, with the recession (24%), poor service levels (40%) and society becoming more selfish (42%) cited as the main factors influencing this change in attitude.
Commenting on the results of the research, John Hughes, Business Leader, Retail Products at The Co-operative Bank, said: “These results are very unsettling. For the sake of economic stability, it’s imperative that the British public has confidence in its government, financial services sector and the housing market.
“It’s vital that representatives working in each of these professions work hard to earn back the trust and respect of the general public.”
Despite mistrust in bankers and the wider financial services sector as a whole, more that 35 per cent of the population haven’t reviewed their current account provider in the last five years.
Hughes continues: “Consumers don’t need to put up with service suppliers they don’t trust. Now is the time for people to shop around and scrutinise the practices and principles of their banking providers more closely. There’s a lot of difference between the accounts that banks offer and it’s important that consumer choose the right products that suit their financial requirements.
“At The Co-operative Bank current accounts we’ve witnessed a flight to trust with a 38 per cent increase in consumers taking out a current account with us in 2009**, thanks to our leading levels of customer service, financial strength and wide choice of accounts.”
Unsurprisingly, the research revealed that after immediate friends and family, the most trusted professions include doctors, teachers, police, firefighters and paramedics
* Research carried out in July 2010 by onepoll.com on behalf of The Co-operative Bank amongst a geographically representative sample of 3,000 adult respondents.
** Statistic based on internal data, 38 per cent year on year increase in current accounts, when comparing 2008 and 2009 figures.
For further information please contact
Nadia Kassas / Nuala Ryan
The Co-operative Financial Services Press Office
Tel: 0161 903 3822 / 3808
Email : firstname.lastname@example.org / email@example.com
Notes to editors:
ISDN facilities are available for broadcast media interviews.
Research conducted by One Poll questioning 3.000 respondents across the UK in July 2010.
For more information on The Co-operative Bank Current Accounts please visit www.co-operativebank.co.uk/currentaccounts
About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009 CFS is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.