Public trust in banks rises after consumer duty implementation
- Consumer Duty was launched in July 2023 to enhance consumer protection standards for financial firms.
- YouGov's June 2025 survey revealed significant improvements in public opinion about banks compared to a survey conducted in 2023.
- These findings indicate a positive trend for banks, suggesting they are adapting better to customer needs and expectations.
In June 2025, a survey conducted by YouGov revealed improved public perceptions of banks in Britain following the introduction of the Consumer Duty launched in July 2023. The Consumer Duty mandates financial firms to prioritize customer welfare, enhancing consumer protection and requiring firms to simplify communication and product design. The recent survey indicated notable increases in public opinion, with a significant rise in the percentage of individuals believing that banks provide clear information, protect customers from harm, and offer good value for money. The findings reflect a shift from earlier sentiments expressed in a March 2023 survey, emphasizing the impact the Consumer Duty has had on consumer attitudes towards banking services. Specifically, the belief that banks provide easy-to-understand information increased by 11 percentage points, and there were also improvements regarding customer service perceptions and the way risks are communicated to consumers. The UK Finance representative acknowledged these positive outcomes, meriting continuous investment by banks in customer service enhancement efforts. On the other hand, the Financial Conduct Authority spokesperson underscored the necessity of the Consumer Duty for fostering favorable customer experiences, highlighting its broader implications for trust in the sector. This favorable shift in public opinion is expected to continue influencing banking practices, ultimately benefitting consumers through improved financial products and services that address their real needs.