Faith in banks at all-time low

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Five years on from what is considered the start of the credit crunch – dubbed “the day the world changed” by the former boss of Northern Rock – the public are more disillusioned with the banking sector than ever, a consumer group has claimed.

Nearly three-quarters of people surveyed by Which? – 71 per cent – do not think banks have learned from the financial crisis, up from 61 per cent in September last year.

Consumers also have low expectations of a parliamentary inquiry into banking ethics, with only 26 per cent confident it will lead to positive change among the UK’s lenders.

The survey was published on the fifth anniversary of the start of the credit crunch, as the economy continues to falter as the country struggles under tough austerity measures.