New research indicates that financial services institutions are more trusted by the general public than the likes of the NHS and the BBC.
Consumers trust financial services institutions (FSIs) - like banks and credit card companies - more than the NHS and the BBC, according to a new study.
In the Financial Services Research Forum's 2009 Trust Index, created by Nottingham University Business School, FSIs scored an overall trust rating of 75.02 - above the NHS and the BBC, which scored 53 and 61 respectively.
Even credit card companies, the lowest-scoring FSIs, were higher than the NHS and the BBC, scoring 71.55. Brokers and advisers were found to be the most trusted FSIs, with a score of 81.67.
Professor Nigel Waite, director of the Financial Services Research Forum, said: "It has been widely assumed that the combined effects of the credit crunch, global recession and the banking crises would lead to a crisis in consumer trust in financial services. It may be an inconvenient truth, but the reality is that trust in the financial services industry is not at rock bottom."
However, he did point out that within the results for the FSIs, there is "considerable variability", with some sectors not performing nearly as well as others.
Professor Waite concluded: "If industry and government are to enhance consumer engagement with financial services, there is still significant work to be done in terms of developing trust and trustworthiness."
