Restoring consumer confidence

A commitment to innovation is the key to re-establishing trust in the financial services industry

For a few years now, the central theme in financial services has been the loss of consumer trust. The recent Treasury Select Committee Report- Restoring Consumer Confidence - is followed by a new initiative: a Financial Services Forum designed to examine how the industry could better serve its customers. No doubt the forum will yield interesting initiatives, but before we can expect consumers to feel confident, the industry itself must develop confidence. It is worth clarifying what it is we wish to restore. Trust is belief without knowledge. Aggregate stock of trust has fallen as have t...