Banking survey reveals industry ‘tensions’

An online poll carried out by the independent personal finance website Fool.co.uk found that a full 80 per cent of Brits currently banking with one of the so-called big five banks would be willing to switch their accounts.

Tensions worsened by credit card debt charges and record banking industry profits could soon spark a consumer backlash, the motley Fool has suggested in response to the recent findings.

David Kuo, head of personal finance at Fool.co.uk, commented: “There is tremendous tension between banks and their customers.

“This has not been helped by the embarrassing exposure of punishing charges at a time when banks are also reporting huge annual profits.”

Research by Abbey revealed last week that debt management and general financial concerns were seen as the biggest threat to quality of life by a quarter of British adults.