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UK Businesses 'lack trust' in banks

Posted by on in From My Window
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Canary WharfThe BCC said financial institutions needed to rebuild trust


Businesses' trust in banks and other financial institutions is falling, according to a survey from the British Chambers of Commerce (BCC).

Half of the 1,560 businesses questioned said they mistrust banks and building societies, while 38% said they trust them less than a year ago.

Banks and building societies remain the main source of finance for firms.

Meanwhile, a separate survey revealed businesses' hiring intentions fell to a 28-month low in September.

But the report from accountants BDO also said that business optimism showed a rebound this month, "continuing the zigzag pattern of ups and downs in confidence of the last four years".

'Repair relationships'

The BCC survey said 57% of firms felt confident they could secure external finance, while 37% said they were not confident of doing so.

Some 59% of those polled said a government-backed business bank would make them more confident about accessing finance.

But when asked about government-backed finance schemes, 43% of firms had not heard of any, with younger businesses and micro firms most likely to be unaware of them.

"Financial institutions need to rebuild trust and repair damaged relationships with businesses and improve transparency," said John Longworth, the BCC's director general.

"Regulators should look to increase competition in the banking sector to ensure businesses have more choice, and the government must ensure that plans to create a British Business Bank mean more funds available to growing businesses."




Big Banking


Global banking scandals


22 August 2012


Last updated at 

11:39 GMT

Banks logos

A number of scandals have engulfed the global financial system, and several international banks are under investigation by regulators in several countries. They are alleged to have committed offences ranging from fixing interbank lending rates to complicity in money-laundering. In this guide, we explain who is accused of what by whom.

Read on:



British banking: How it broke down and how to rebuild it

21 August 2012 Last updated at 22:24 GMT

By Michael Robinson

Fixing Broken Banking, BBC Radio 4



I'm old enough to remember how British banking used to be.

I can recall a time long before an exasperated Sir Mervyn King, the governor of the Bank of England, declared: "Of all the many ways of organising banking, the worst is the one we have today."

Mervyn KingModern High Street banking exasperates Sir Mervyn King and customers alike

Read on:





What's gone wrong with the banks?

23 July 2012 Last updated at 23:01 GMT

City of London skylineLondon's financial district is governed by new rules these days

Former City correspondent and current BBC presenter Peter Day here looks back at how London's financial centre has changed since he first started covering the City in the 1970s.

Read on:



HBOS whistleblower hits out at bank regulators

By Shanaz MusaferBusiness reporter, BBC News

1 August 2012 Last updated at 23:27 GMT

Paul Moore

Paul Moore was head of risk at HBOS from 2002 to 2004


The Libor rate-rigging scandal that is currently engulfing the banking sector has led to further condemnation of the behaviour of bankers and calls for criminal prosecutions for those involved.

Among the most vocal is the man who became known as the HBOS whistleblower.

"The people of this country are totally fed up and angry with the continuous greed, dishonesty and wrongdoing of our banks," says Paul Moore, who was head of group regulatory risk at the bank until 2004.

He is calling for "the fullest, most forensic, most transparent 'people's public inquiry'" into the behaviour of banks, and has launched a lobbying group, the New Wilberforce Alliance, to lead a campaign for such an inquiry.

Prime Minister David Cameron has announced a full parliamentary inquiry of the banking sector, as well as a narrower inquiry specifically into the Libor market, but Mr Moore believes this does not go far enough.

"Numerous enforcement actions - criminal, regulatory and civil - should have been and should be taken, including in relation to Barclays Libor fixing," he says.

Read on:


New Wilberforce Alliance:

UK Banking Inquiry:




Libor: Who lost out when the rate was fixed?

By Tim Harford and Richard KnightBBC Radio 4, More or Less

14 July 2012 Last updated at 00:12 GMT


Wrestlers of Lucha Va Voom, LA

Was the Libor rate as rigged as the result of a wrestling match?

The furore triggered by the revelation that Barclays fiddled Libor has focused on one question - who was responsible?

But two other questions are also worth asking.Is it possible for one bank to move the Libor number on its own?

And how much damage did messing with Libor actually do?

After all, most financial bets are two-way - for every winner, there is a loser.

Read on:


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  • doyla66
    doyla66 Monday, 08 October 2012

    AUS's PM hits "snooze button" ~ as British PM Cameron announced full parliamentary inquiry of banking sector [&Libor market], but Mr Moore [whistle-blower] believes this does not go far enough.

  • doyla66
    doyla66 Monday, 08 October 2012

    The people of Australia are totally fed up and angry with the continuous greed, dishonesty and wrongdoing of our banks! Criminal action, including jail terms, MUST be given to these crooks.

  • doyla66
    doyla66 Monday, 08 October 2012

    In Bank executives minds, doing "what is right" was replaced by: A)Doing what can be covered up by their corrupt lawyers, B)Ignoring the useless compliance officers & C)Doing what you can get away with, as we are above the Law and cannot be punished.
    Just give us our big bonuses & f*@k the rest of you.

  • doyla66
    doyla66 Monday, 08 October 2012

    "the fullest, most forensic, most transparent 'people's public inquiry'" into the behaviour of banks,
    with consequences. This is what we need and deserve.It's about time their dirty laundry,was hung out to dry once and for all.

  • doyla66
    doyla66 Monday, 08 October 2012

    Did LIBOR impact Australia? Surely it must have? Why aren't our Australian Media looking into that side?

  • doyla66
    doyla66 Tuesday, 09 October 2012

    Because our Australian Media do not want to ask the intellectual questions. They consider it is not newsworthy if it is boring to them - been hearing that "boring" word bandied about quite a bit in news sites & on Q&A lately. From where I stand, I would class that as irresponsible journalism. No wonder many are turning away from the mainstream media in disgust & searching out the true investigative journo's. We, the people, want the truth & who gives a rats if it is boring - truth prevails & journo's need to learn how to write about it properly!
    (Perhaps, Andrew K of The Australian could teach them a few lessons)

  • doyla66
    doyla66 Tuesday, 09 October 2012

    Anthony Klan certainly could. He's world class.
    So are some of the ABC investigators and well known Australian writers like John Pilger.
    Australia has a great tradition for investigative journalism. When are they going to get stuck into the background briefing for this entire mess?
    A Four Corners program would certainly get things going.
    WE wrote to Four Corners....still waiting sadly

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