Authors of a new report warn financial services communications professionals that they cannot rely on regulation alone to restore trust in the sector.

The ‘In Banks We Trust?’ report reveals how the UK financial services sector believes it needs to further re-build the confidence of the general public and evaluates the role of communications and the media in achieving this goal. To investigate the issue, 164 people in the sector were surveyed and a number of high profile financial sector professionals interviewed.

The results show 60% of respondents believe that regulation will not be enough to restore confidence and pride in the UK banking industry, demonstrating the need for financial institutions to take a proactive approach to turning around negative sentiment.

Despite a lack of certainty around the value of transparency, 58% feel that corporate communications is key to improving the reputation of the sector. Only 3% believe financial services companies have done a good job in communicating their dual responsibilities to shareholders and customers to date. The research also revealed that the majority of respondents (65%) feel the media plays an active role in fuelling and encouraging negative sentiment towards the sector.

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