Public perceptions about banks have improved since the launch of the Consumer Duty two years ago, which set higher standards of consumer protection, a survey indicates.
The Consumer Duty was launched in July 2023, requiring financial firms to put customers at the heart of what they do, including when designing products and communicating with customers.
Back in March 2023, YouGov asked people how they felt banks and financial services companies were performing. Just over two years later, it has carried out another survey, indicating improvements in public opinion.
In the most recent survey, YouGov recorded 11 percentage-point increases in the proportion of people who believe banks provide information that is easy to understand (rising from 44% in 2023 to 55% in 2025); that banks protect customers from potential harm (from 40% in 2023 to 51%); and that they provide value for money (up from 36% to 47%).
There was also a three-point rise in the proportion of people who believe that banks provide good customer service (from 60% to 63%).
The proportion of people who believe banks are doing a poor job of communicating risk to consumers has dropped seven percentage points from 47% to 40%.
Under the duty, financial firms should provide helpful and accessible customer support, so it is as easy to sort out a problem, switch or cancel a product, as it was to buy it in the first place.
They should also provide timely and clear information, helping people to make good financial decisions. Important information should not be buried in lengthy small print.
Providers should also offer products and services that are right for the customer and products and services should also provide fair value.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
ADVERTISEMENT
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
ADVERTISEMENT
Firms also need to consider whether someone is in a vulnerable situation, for example due to poor health or financial troubles.
The latest research was carried out in June 2025, among more than 2,100 people across Britain.
The 2023 survey involved 2,000 people across Britain.
