Call for Scottish consumer body as trust in banking services 'worst in UK'

Scottish trust in day-to-day banking services is lower than anywhere else in the UK, a survey has revealed.

Bank closures have hit Scots' confidence in the sector.

Which?’s annual Scottish Consumer Insight Report found that across the last year, fewer than two in five Scots said they trusted day-to-day banking services compared to 45 per cent in the UK as a whole.

Last month, Which? found Scotland has lost a third of its bank branches in the last eight years, with the number of banks and building societies plummeting from 1,625 to 1,015 between 2010 and 2018.

Caroline Normand, Which? director of advocacy, said the report demonstrated the need for a Scottish consumer body. The report said that with cash machines also closing at an "alarming rate", Which? is concerned that Scottish communities and businesses could face financial exclusion unless a regulator is urgently given a statutory duty to protect access to cash.

She said: “Scottish consumers are struggling with dwindling day-to-day banking services and poor broadband connections and our research suggests this could be having an impact on trust in these vital industries, and demonstrates the need for a dedicated consumer body backed by the Scottish Government.

The report also reveals that four in 10 people in Scotland said they trust broadband services, significantly fewer than the UK average.