Consumers ‘don’t trust the finance industry’

According to Which? 21 per cent of people have had a bad experience with the industry that could have led to them needing debt help due to the problem.

Doug Taylor, a personal finance campaigner from Which? said: “These are worrying statistics. The financial services industry’s past actions and mis-selling scandals have scarred British consumers.”

He added that this was worrying as people seeking a debt management plan plan for the future with a pension.

However, Mr Taylor said that the industry still cannot be trusted to deliver on the government’s new pensions policy.

Mr Taylor called for a “simple, trustworthy scheme” to help improve trust in the financial services industry and to stop a future “pensions crisis” that could see people spend their retirement in debt.

The survey comes as a growing number of experts call for more responsible lending in order to improve the debt levels of consumers and to regain trust in the finance industry.