Australians Don't Trust Banks

A recent Deloitte report titled "Banking Trust Index" has delivered unsurprising results.

In the light of a raft of banking scandals and malpractice, boarding on criminal behaviour, culminating in the banking royal commission, an Australia wide survey of more than 2000 people conducted by Deloitte has shown the level of trust in our major financial institutions is at an all times low.

Key points:

• 36% of customers thought their bank had their best interests at heart, but only 21% thought this of banks in general

• Around half expected their bank to keep promises compared to a quarter for banks in general

• And only a third thought the financial regulators were doing a good job

The banking royal commission will commence its final round of hearings on November 19 in Sydney.

While banks are definitely on the nose, satisfaction with mortgage brokers remains high, a recent study commissioned by the Finance Brokers Association of Australia found out.

In a poll of over 2000 home loan clients, the study found out that 94% were happy with their brokers' expertise, knowledge, and competency.

Around the same number said they were content with how their brokers understood their needs, targets, and financial situation.