The financial service industry and the 2008 financial crisis: How to restore lost trust

Poole, Adam; Yousafzai, Shumaila

Abstract

Responding to calls for research into the drivers of environmental or system trust this study examines and identifies factors that foster consumer trust in the environment within which the UK financial services industry operates against the background of the 2008 financial crisis and other scandals that have affected the industry.

The findings suggest that consumers hold a generally positive perception of both statutory and self-regulation and draw considerable reassurance from regulations related to the industry itself and wider data protection regulation. Consumers are also shown to hold expectations concerning both the attire and condition of the business premises of financial advisers which if not met can adversely affect the formation of trust and disrupt transactions.

A finding not suggested in the existing academic literature links consumer needs for privacy, confidentiality and data security to premises design and indicates that consumers also hold considerable expectations in this regard.

• Presentation Conference Type: Conference Paper (unpublished)
• Conference Name: British Academy of Management Conference 2017
• Start Date: Sep 5, 2017
• End Date: Sep 7, 2017
• Acceptance Date: Sep 5, 2017
• Deposit Date: Mar 12, 2019
• Publicly Available Date: Mar 12, 2019
• Peer Reviewed: Not Peer Reviewed
• Keywords: trust, system trust, financial advice
• Public URL: https://uwe-repository.worktribe.com/output/881540
• Additional Information: Title of Conference or Conference Proceedings : British Academy of Management Conference 2017 Warwick
• Contract Date: Mar 12, 2019