Majority of over 50s distrust financial service providers

A new survey by LiveMore has revealed an overwhelming lack of trust in financial service providers among those aged 50 to 79.

Almost three in five (59%) in this age group have a lack of trust for the industry, which LiveMore says is particularly concerning given the ongoing scrutiny the sector faces for failing to meet Consumer Duty obligations.

The latest findings closely mirror those of a similar survey conducted by LiveMore in October 2022, which reported a trust shortfall of 58%.

Women were slightly more mistrusting than men, with percentages of 61% and 57% respectively. Even more concerning is that the 70-79 age group displayed the highest level of mistrust, standing at 69%.

The FCA recently published a critical review of lifetime mortgage sales, finding that the advice given in many cases did not meet the expected standards. The regulatory body also identified 400 instances where promotions had to be amended or removed altogether.

Leon Diamond, CEO and founder of LiveMore, commented: "The industry needs to recognise that these aren't just statistics, they're individuals whose lives are being adversely affected.

"As we look to the future, it is crucial that the 59% statistic falls sharply. We can achieve this if we all adhere to Consumer Duty guidelines and put the customer first."