A major research report by the Chartered Insurance Institute (CII) calls on the financial services sector to debate and develop solutions that will deliver change that not only improves the public's perception of financial services, but the reality.
The CII research finds that one in five consumers say they will never trust the financial services industry again. The report recommends that insurers and intermediaries use this sentiment as an opportunity to take action that has long been needed, and bring the focus back to the consumer and the public. When asked what would improve their perception and trust of the financial services industry, 77% of the public said that a demonstrable commitment to professional ethics would help. And 69% said that continuous training for employees in the industry would also help reassure them.
David Thomson at the CII, comments, "Trust lies at the heart of any business relationship, inherent in any service you pay for. It is the licence to operate, the foundation of trade, the catalyst for growth. When trust fades, or is suddenly shattered, reputations that have taken a generation to build can be irrevocably damaged. We want to help deliver change that not only improves the public's perception of financial services, but the reality.
The CII calls upon the whole insurance industry to develop lasting solutions that will retain the trust and confidence of the public.