– 79% of consumers say that their trust in building societies has stayed the same or increased, whereas
– 66% of consumers say that their trust in banks has fallen.
As a result, 16% of the customers of the big five banks say that they have already switched provider or are likely to do so.
Of those who said they were likely to switch their current account as a result of recent events:
– 24% said they would move to a building society (building societies have less then 10% of the current account market)
– 47% said they would move to another big bank
– 21% said they would move to a small bank
– 3% said they would move to a credit union
– 2% said they would keep their cash at home
Of those who said they were likely to switch their savings account as a result of recent events: ◦ 36% said they would move to building society
– 38% said they would move to another big bank
– 15% said they would move to a small bank
– 6% said they would move to a credit union
– 2% said they would move to a peer to peer lender
– 4% said they would keep their cash at home
Commenting, Adrian Coles, Director-General of the Building Societies Association said: "It is clear, from the results of this survey and the direct experience of our members, that large numbers of consumers are now looking for a different approach to financial services. Many people are finding what they want at a building society, other mutuals or ethical banks.
"Of course we welcome the opportunity to communicate the difference that membership brings and to welcome new customers. My concern however, is that in the long term, if this crop of scandals at our banks continues both the economy and the financial services sector as a whole will be damaged. The balance between speed, transparency and probity in relation to these issues is a delicate one and we are relying on both Government and regulators to navigate carefully."
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