Launch of the Question of Trust Campaign:
Posted on:
09
Feb
2012
by James Farmer
Addressing the trust deficit in financial services
* Institute of Financial Planning, Credit Action and the Financial Services Research Forum join forces to tackle trust
* Call to action to over 300 financial services business leaders
* Higher levels of public trust in financial services could spark immediate £15 billion savings
* Trust Index to be established
A campaign to address the lack of public trust in financial services is formally launched today.
The ‘Question of Trust’ campaign is the inspiration of Shane Mullins, Managing Director of financial advisory firm Fiscal Engineers. The campaign is to be driven through the Institute of Financial Planning (IFP) and is co-supported by Credit Action, the Financial Services Research Forum at Nottingham University and Financial Adviser part of the FT Group.
Over 300 business leaders throughout the UK are to be targeted. An outline letter will land on their desks this week asking them to pledge their support – both financial and intellectual. Irrespective of subsequent support the leaders will be questioned about their feelings about the issue of trust, the actions that their own businesses have taken and what improvements are, in their view, necessary.
Initial funding support has been received from Vanguard, whose former CEO John Bogle’s book ‘Enough’ was inspirational in the planning behind the campaign, and Transact, the largest provider of the well regarded ‘new age’ of operations within the financial services industry.
The campaign has as an initial objective the formation of a ‘trust index’ for the financial services industry to be monitored on a regular basis.
Shane Mullins, Managing Director of Fiscal Engineers and co-founder of the Question of Trust campaign said:
“To create better outcomes for consumers, we must turn attention to other industries if we are to learn the lessons of service quality and brand loyalty. There has been systematic failure within our industry. Fraud, misappropriation and inappropriate rewards have driven negative and destructive behaviour in the sector. We have to somehow draw a line under the past, accepting that we can’t change it, but recognise we can – and must – shape a different future. To achieve this objective, the industry will need to think, act and behave differently. We need to collectively recognise that trust is a valuable asset that has a marked
effect on people’s willingness to save and invest.”
Nick Cann, Chief Executive of the Institute of Financial Planning and co-founder of the Question of Trust Campaign said:
“I know from continuous dialogue with our membership that there is a great desire to deliver financial products and services that match the public’s needs more than there has ever been in our history. Trust cannot simply be an add-on to that - it is the beating heart at the centre. Now is the time for the financial services industry to recognise and understand better any lack of public confidence in the critical services that they provide. The work of the Question of Trust campaign will deliver to that need. This is also not about any one individual, company or body. It is an undertaking to benefit the public and all who wish to excel in the financial services industry. To that end I would welcome contact from any company or representative body to work together to deliver the best outcomes possible”
Professor Christine Ennew of the Financial Services Research Forum said:
“When there is a lack of trust in financial services providers, research tells us that people will save less, they will invest less and they may be less likely to have the right sort of pension provision. We cannot easily quantify this but if higher levels of trust encouraged every household to increase their savings by an average of just £1.50 per day then the benefit to the UK financial sector would be close to £15 billion per year.”
Tags: IFA | ifp | rdr | trust
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