If only more banks were more like Wonga

I know a lot of people who work in the financial industry. One on one, they are decent and kind. I’d trust them to look after my handbag in the pub while I went to the Ladies. But you know what? I wouldn’t trust many of them to look after my pension or my ISA. In fact I’m pretty damned sure that if I bought a financial product from them, they would devote themselves to slowly stealing my savings.

I’m not alone in feeling like this. PressChoice does an annual survey asking journalists how much they agree or disagree with the statement ‘the financial services industry conducts itself in an open and honest way’. In 2008 the majority agreed. This year none agreed strongly and a mere 7 per cent agreed a little (I’m assuming this group is mainly fashion journalists married to hedge-fund managers), while 58 per cent now think the industry is ‘actively closed and dishonest’.