30 June 2015
A new poll commissioned by the Customer Owned Banking Association (COBA), has examined consumers attitudes towards financial institutions and advisers with the findings revealing a deep mistrust among consumers.
The poll, carried out by Essential Research on 1,002 people, found that only 7% of respondents had a high degree of trust in the big four banks. The poll’s findings also found:
- 90% regard trust as an important issue, followed by 87% for ethical conduct;
- 11% say they have no trust in financial advisers;
- 81% say a diversity of financial institutions is important;
- On the FSI outcomes, consumers would like to see – 83% want easier to understand information, 79% want fairer rules for smaller institutions and 79% support diversity in the sector.
Commenting on the findings, COBA CEO Mark Degotardi stated there is “…clearly tremendous consumer appetite for trusted and ethical financial services.” Referencing to the FSI recommendations, Mr Degotardi concluded by emphasising, “…the FSI blueprint is pro-competitive and pro-consumer and will tackle anti-competitive distortions that benefit the biggest banks and that Australians are looking to the Government to implement the recommendations of this important report.”