Global trust in financial services is stalling and fall-outs in the public domain such as the accounting scandal at Steinhoff and the VBS bank heist, both of which resulted in investors losing massive amounts of money and pension savings, are not helping matters in SA, which saw a steep drop in trust levels. While the financial services sector's standing in the eyes of the general consumer relates more to actual financial services that they interact with, the big scandals in the public domain appear to have contributed to the drop in trust. The 2018 Edelman Trust Barometer, an online survey among over 33,000 respondents in 28 markets, shows that globally, financial services only achieved a two-point increase over 2017. This comes after five years of steady growth following the global financial crisis, an indication that trust is stalling. Trust in SA's financial services, although rated as neutral, has dropped six points over 2017. Richard Rattue, MD of Compli-Serve SA, flags the wi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now