Banks have ‘lost a lot of trust’

The growing controversy over bank charges has severely damaged the relationship between banks and their customers, it has been claimed.

And banking institutions are going to find it hard to regain the trust they have lost, according to pressure group Reclaim Bank Charges.

A spokesman for the group said it would have been a shock for consumers to find out that banks were “breaking the law” in issuing penalty charges.

Filipe McManus, spokesperson for Reclaim Bank Charges, said: “It is going to take a lot for the banks to regain the trust they have lost in the UK, a restructuring is not going change opinions overnight, it is going to take a lot.”

And he asked what many consumers may also be asking themselves ñ “If you can’t trust them, who can you trust?”

In related news, the Office of Fair Trading announced this week that it will be launching an official investigation into bank charges, following an informal six-month review of procedures.

© Adfero Ltd

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