11 August 2008
Current account customers are losing faith in the British banking system, according to a new study by researchers at the University of Nottingham. It revealed that since the collapse of Northern Rock consumer trust in the banking industry has fallen sharply, with banks being named as the least trusted of all financial institutions. They received the lowest rating in this year's index for acting in the interests of their customers and the second lowest rating for overall trust. Professor Christine Ennew of Nottingham University Business School said: "Trust plays a crucial role in the provision of financial services and is fundamental to effective customer relationship management." The findings follow a report by the Office of Fair Trading which claimed the current account market was not working well for consumers, who are each paying £152 a year for using a current account. The watchdog said banks were making millions from customers who exceed their overdraft limits and from interest on customer deposits.
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