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
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.
