Financial services ranked amongst least trustworthy industries
Consumers rate transparency and ethical behaviour as vital to building industry trust, and are calling out financial services as one of the least trustworthy industries, according to SAI Global.
A total of 41 per cent of respondents to SAI Global’s inaugural Consumer Trust Index ranked the financial services industry as trustworthy, which placed it behind both health care (72 per cent) and postal services (72 per cent).
SAI Global chief executive, Peter Granat said the statistics showed poor customer experience (31 per cent) and poor treatment of employees (29 per cent) had been major contributors to the index results.
“Trust is a powerful, valuable and fragile business asset – once lost, it can be difficult to win back,” he said.
The Consumer Trust Index indicated 43 per cent of customers would not return to a company following a data breach and that 88 per cent would be swayed into trusting a business if it had a clean reputation.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.