By Jonathan Davies

A lack of trust is not the biggest problem facing the financial services industry in the UK, according to a report by PwC.

The report suggests that apathy is the industry's biggest issue, specifically "the type that stems from frustration".

The report, How financial services lost its mojo — and how to regain it, shows that despite 49% thinking regulation of the financial services has been strengthened since the financial crisis, 57% do not believe they are strong enough to prevent another crash in future.

PwC said the sense of apathy is shown is the low scores for the majority of answers. For instance, 32% of those surveyed don't trust retail banks, but just 11% have switched in the past 12 months.

George Stylianides, Financial Services Risk and Regulation leader at PwC, said:

“Tackling this apathy must be an over-riding priority for all financial services companies. Having a customer base that is both unresponsive and potentially volatile is the worst possible state of affairs for existing financial services providers. However, with switching levels relatively low and relatively high trust in banks to hold customer data, there is an opportunity for banks to reconnect with their customers.

“Those who don’t change now, and those who don’t make the right changes, risk going further down the road where the people they are trying to reach have stopped listening and will only pay attention again when something genuinely different comes along.”

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