The 2022 Financial Lives survey results have underscored the urgent need for the financial services industry to improve consumer trust, especially among the most vulnerable, through the implementation of the Consumer Duty.
The survey, which involved 19,000 participants, revealed that 7.4 million people unsuccessfully attempted to contact their financial service providers in the 12 months leading up to May 2022. The struggle to reach providers was more prevalent among vulnerable individuals in society.
Further data indicated that less than half of UK adults, equating to approximately 21.9 million people, expressed confidence in the UK financial services industry.
Only 36% of respondents agreed that most financial firms operate with honesty and transparency in their dealings with customers.
Sheldon Mills, Executive Director, Consumers and Competition said: “Times like this show why it’s important people get the support they need as more people are likely turning to their financial services providers for help.
“Our Consumer Duty will guide our ongoing work to improve the way firms provide customer support – getting through to your provider is the starting point for receiving help, so we will be working with them to improve in this area.”
