Former Chancellor of the Exchequer, Alistair Darling, has warned of an erosion of trust between savers and the financial institutions which manage their money.
Speaking at the Pensions and Lifetime Savings Association (PLSA) Investment Conference last week, 8 March, Darling said that the financial sector is still in a trust deficit with UK consumers following the financial crisis a decade ago.
His comments echo PLSA chair, Richard Butcher, who said that the industry must improve the “trust deficit” between the industry and savers throughout uncertain geopolitical and economic times.
“If you start losing trust in the institutions that keep your savings, then that is a very bad thing,” he said.
“Trust has to be earned, trust has to be deserved.”
Last year, a PLSA survey found that fewer than one-third of savers trusted the financial services industry, falling to just over 20 per cent among baby boomers.
When asked if he thinks the government should consider tinkering with pension tax relief, Darling said that he doesn’t believe the Treasury will seek short-term fix.
He added that revenue, generally, is generated by economic activity, and not by short-term tweaks.
Latest News
-
Regulators urged to improve policy communications to advice sector
-
Retail investors withdraw £1.8bn from funds in August
-
Annual house price growth up to 2.2% in September – Nationwide
-
Advisers report surge in IHT enquiries ahead of Budget
-
Residential property transactions drop slightly in August – HMRC
-
Homebuying market needs ‘overhaul’ – Together
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories