RBS voted the least trusted bank in Britain
Royal Bank of Scotland has been voted the least trusted financial service provider in Britain in Moneywise's 2012 Customer Service Awards.
The poll, which forms the basis of our 2012 Customer Service Awards, asked more than 14,000 readers to nominate their most trusted financial service companies across a range of products - from current accounts to car insurance.
Asked to rate the provider they trust least on a scale of 1 to 5 - where 1 is very poor and 5 is very good - survey respondents only gave RBS an overall rating of 1.64, lower than any other bank, building society or insurance company in the UK.
Corporate mistakes, bad management and poor service were three of the most common complaints.
Comments from those surveyed ranged from "Idiots in charge have cost me a lot of money", to "Genuinely disgusted by RBS. Very poor customer service both online, in branch and over the phone". One respondent even went as far as to say: "They caused the UK credit crunch."
Being named worst provider, RBS takes the crown long worn by Santander - the bank people love to hate, which climbed out of the bottom three of the poll for the first time in 2012.
But Santander was still ranked lowest when rated on genuine concern for customers though it received a much higher rating on competitiveness of rates. This will come as a relief to the company after being voted least trusted financial company in the UK three years on the trot.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.