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:
|The Bank of England||51%||34%|
|The financial regulator (FSA)||47%||35%|
|The Coalition Government||27%||58%|
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?