Professional negligence turns consumers away from traditional services

Published on 18 Jun 2010 under category: legal

Professional negligence and poor advice from traditional financial advisors may have made consumers turn to newer outlets.

Moneywise Customer Service Awards this week recognised the most trusted financial service providers, based on research by the magazine.

It conducted what it claims to be the biggest dedicated customer service survey held in the UK, collecting over 10,000 responses from customers.

First Direct came out as the overall winner, with many customers expressing satisfaction with its services.

The ceremony also honoured some smaller names, whose service had outstripped that of its more established peers.

Several non-traditional services were recognised as well, suggesting that traditional banks may have a real challenge from new market entrants.

Experiences of bad advice, misselling and other forms of professional negligence have impacted on the reputation of conventional financial advisors.

Some of the winners included the peer-to-peer lender Zopa and new lenders such as John Lewis, Tesco and Marks & Spencer.

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