Bankers say it will take more than a decade for the banking industry to gain the public's trust - new survey from Chartered Institute for Securities & Investment (CISI)

Lauren Fedor
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British bankers have admitted they have long way to go before people start liking them again.

According to a new survey out today from the Chartered Institute for Securities & Investment (CISI), half of British bankers say it will take more than a decade for the banking industry to gain the public's trust.

Nearly one-third say they think it will take "between six and 10 years" before the public would recognise a change in culture.

CISI polled nearly 700 banking professionals after the Financial Conduct Authority (FCA) revealed in late December that it had decided to scrap plans for a thematic review into the culture of banks.

Read More: Culture clash: MPs slam City regulator over banking decision

Alongside the polling results, CISI published comments submitted by respondents, including: “There remains massive distrust amongst the public. I don’t see any sign of this reducing.”

One respondent blamed "constant trial by media, bad press and scaremongering" for leaving a "bad taste in the mouth of the general public", while another said public trust would "possibly never" be restored.

"The new generation of challenger banks must prove they are different and embrace 'treating customers fairly'," another banking professional said. "It is too late for the old guard."

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The Banking Standards Board (BSB), an independent body set up in 2014 to improve standards of behaviour in the Square Mile and restore the public’s trust in financial institutions, is expected to publish its first review of culture in the City early next month.

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