/ Money

Which politician do you trust to sort out the banks?

Parliament at sunset

Party conference season’s underway as the UK’s main political parties outline their visions. But do you trust any of them to fix the banks? Our poll shows there’s little confidence in any one party to fix banking…

This week, we quizzed more than 1,000 people on their trust and confidence in political parties. We were keen to find out if any one party had installed confidence in the public to address banking culture following a series of banking scandals in recent months.

The results suggest that all the political parties need to do much more to convince the public that they can sort out the broken banking system.

Trust in politicians

Our poll suggests that Prime Minister David Cameron and Leader of the Opposition Ed Miliband are the politicians that people most trust to deliver change in the culture and practices in banking, but with only 14% and 15% of the vote respectively. The Chancellor George Osborne and Shadow Chancellor Ed Balls were further behind, with only 5% of people picking each of them as the person they most trust to sort out banking.

Our research also found that over a third of people feel that none of the party leaders are on the side of consumers (34%). And when we asked which party leader best understands British consumers, 35% said none of them, 24% said Ed Miliband, 16% David Cameron, and 6% said Nick Clegg.

Vote of no confidence

We also asked how effective/ineffective the key banking regulators and banks were pitched against the political parties to deliver change in banking culture. The results are as follows:

Effective Ineffective
The Bank of England 51% 34%
The financial regulator (FSA) 47% 35%
The Coalition Government 27% 58%
The Opposition 27% 55%
Banks themselves 25% 62%

As you can see, six in 10 people think the banks are ineffective at delivering change. And just half of the population think that the Bank of England and the Financial Services Authority can effectively deliver change – but they did appear above the current government and opposition.

So, consumers don’t just mistrust banks to reform themselves, they’ve given a vote of no confidence to the main political parties. We’re currently campaigning for Big Change in the banking system to put right the failings of the past that have so badly damaged consumer trust and confidence. But who would have your vote of confidence to make big change in banking culture?

Phil says:
7 October 2012

The only politician with the guts to take on the bankers and win would be Thatcher, or failing her Stalin. Putting four or five of them against a wall every month would concentrate the minds of the remainder wonderfully, none of our current stock of politicians seem to have any character or backbone whatsoever.

“Thatcher”! She had guts and would take on anyone whether it was a good idea or not. It was her de-regulation policies that got us in this mess in the first place, so I don’t see her fixing anything.

I honestly think Miliband is far more likely to actually change the Banking Laws – Cameron is far too dependent on Bankers After all it was Tory Thatcher who destroyed the banking regulations that had worked well since the great depression. After the 18 years of Tory mismanagement – I wouldn’t trust ANY Tory to do it properly – The Lib-Dems are worthless.

Maxie says:
12 October 2012

Not a single one of them,politicians and banks have one thing in common they both view the British public as cash cows they take what they can and give as little back as possible.

Duncan says:
14 October 2012

With some of the banks, it is simply an old boys club, jobs for the boys,we pay ourselves what we think fit and stuff everyone else. The Conservatives are never ever going to tame banks, they are all in the rich club together, the Lib-Dems will just do what David C tells them. I am changing my next vote to Labour, but I am also doubtfull as to wether David M will have the political will to take on the banks. Back to Victorian times we are heading.

Hate to point out Ed Milliband is the leader of Labour not David M. I think Ed will control the Banks – he has said so – and unlike Cameron I trust him to do so.

Silly question.
Anyone saying they trust a politician is either a politician or not taking their medication.

Best regulator is the customer’s or the user of any service not giving that firm/service their money or patronage, that’s the only way firms notice, unless it’s a monopoly, which are caused by govt.