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Survey reveals appetite for greater transparency and competition in banking

Rebekah Commane
Written By:
Posted:
April 25, 2016
Updated:
April 25, 2016

In light of the news that HSBC is cutting its pay policy for executive directors, following pressure from shareholders, 39% of consumers have called for more transparency from mainstream banking.

On Friday, HSBC said it would reduce the maximum amount directors can earn by 7%, prompting Triodos Bank to carry out research into the industry as a whole.

The study found that 51% of adults objected to the big bonus culture at the at the UK’s biggest five banks, with 48% wanting the sector to be more honest and to ‘show more integrity’.

Speaking about the results of the research, Huw Davies, head of personal banking at Triodos Bank, said: “This research suggests that there is still a large degree of customer dissatisfaction with the mainstream banking industry, and a desire for alternative banks to challenge the status quo.

“The fact that 39% of consumers said they want to see more ethical or sustainable banks in the UK shows that there is genuine appetite for a change.”

The survey also revealed that more than three quarters (77%) of the 2,000 participants think greater competition from ‘challenger’ banks should be encouraged.

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Meanwhile, a quarter said it’s important that they know their money is not being lent to, or invested in, anything ‘ethically dubious’.