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Banks 'are no longer trustworthy'

Published on 9 Feb 2010 under category: legal

A conference on the future of banking found that the public think banks should be broken up to improve competition.

Banks have not reformed their attitudes in the wake of the financial crisis, according to a new survey.

The Which? Big Banking Debate held last week found that 81 per cent of people – eight out of ten – believed that banks had not changed.

An overwhelming number (97 per cent) think that banks do not care about the interests of consumers, whilst 74 per cent advocated breaking up the largest banks in order to make them more competitive.

Almost half (47 per cent) thought that the best way to improve the sector overall would be to separate the retail and wholesale side of banks.

Which? chief executive Peter Vicary-Smith said: "The fact that so many people will come out on a cold February evening in their free time to offer their views on how banks can change for the better shows the strength of feeling that is out there.

"It's wrong that, until now, the voice of the customer has been missing from the debate on how to bring much-needed reform to our banking system. The Future of Banking Commission was set up to right that wrong and help deliver a banking system that works well for everyone, not just bankers."

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