Financial services compared poorly to the retail sector, with consumers considering financial services as less fair, being insufficiently competitive or accessible.
Particularly unfair were complex products, such as some insurance products, or those with disproportionate charges, such as store cards. Issues highlighted by the research include concern over the loss of the personalised individual service, personified by "old fashioned bank managers", as well as worries over the treatment of vulnerable customers and the failure to reward loyal customers with products that deliver.
Participants wanted to see financial services customers treated fairly with transparent information, responsible marketing, fair pricing and good ongoing customer care. Sales processes should be low pressure, tailored to individual needs and there should be easy and convenient after sales service.
Adam Phillips, Consumer Panel chair commented: "Financial services are an essential part of life so it is no wonder that consumers regard treating customers fairly with such importance. It is very worrying that the public still believe they are not getting a fair deal and that there is a perception matters are getting worse. The industry needs to do more to increase transparency, giving customers clear and meaningful information, so that they see an improvement in standards of customer service.
“Government must adequately address fairness in financial services as part of its wholesale reorganisation of regulation. The new Consumer Protection and Markets Authority must learn from this research and from the FSA's successes and failures.”
