Trust in financial services is dwindling
The Steinhoff and VBS scandals have added fuel to the fire in SA
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.