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Consumers critical of life insurance providers

Date: Thu, 04 May 2006

Many Brits are lacking confidence in products such as life insurance that are provided by their bank.

A study, conducted by website Moneyfacts, concluded that 46 per cent of consumers do not trust their bank and the financial services it offers them.

It also appears that more customers are choosing to voice their concerns with the number of complaints against banks rising in recent years.

Emma Butler from Moneyfacts said that the fact that nearly half of consumers don't trust their bank is "not a surprise".

She added that this growing customer dissatisfaction is forcing banks into altering their practices. For example, the recent decision of Lloyds TSB's to pay instant interest on cheque payments.

This could mean that more consumers are willing to move away from products that have been traditionally provided by high-street banks especially as the online market for financial services such as life insurance cover continues to grow.


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.