British Public Support For Banking Reform

British Public Support For Banking Reform

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  • 62% of the British public support move to ring-fence retail banks from investment banks
  • 87% of Brits think taxpayers should not be liable for future bank losses
  • 86% of Brits approve increasing the ease of moving banking accounts
  • Conservative party seen as most likely to succeed in reforming the banking sector

On Monday 12th September, the Independent Commission on Banking will publish its final findings and recommendations as to how to make the financial system safer. In the lead up to this well anticipated report, Opinium Research reveals the British public?s views towards the suggested measures.

When asked which of the anticipated changes they supported, support differed between political affiliations:

Total % support from the British public% support from Conservative voters% support from Labour voters% support from Liberal Democrats voters
Ring-fence retail banks from investment banks62%71%65%68%
Force banks to increase their capital / cash reserved to withstand potential losses75%83%78%76%
Taxpayers will not be liable for future bank losses87%91%88%89%
Force Lloyds Banking Group to sell more branches to increase competition42%49%45%50%
Increase the ease of bank customers moving their accounts86%91%89%84%

Who should implement these changes?
The Conservative party came out as the most likely political party to successfully reform the banking sector, receiving the largest share of support from 30 per cent of the British public. However, their partner in the coalition, the Liberal Democrats, was the least supported party with only 7 per cent of Brits believing they would be successful at implementing reform.

When should the banking reforms be implemented?
Half (48 per cent) of Brits believe that the banking reforms should happen immediately, with Labour supporters (54 per cent) leading from the front with highest majority of people asking for this. Only a meager one per cent believe that banking reforms should not be implemented at all.

James Endersby, managing director of Opinium Research, commented: ?At a time where the economic outlook is fairly bleak, consumers want things to turn around quickly and see the banking sector finally working for them. Hopefully the banking reforms will go some way in helping the country move towards a more prosperous economy.?

Opinium Research carried out an online survey of 2,015 UK adults aged 18+ from 2nd to 5th September 2011. Results have been weighted to nationally representative criteria.

Opinium Research is a full service market research agency offering quantitative and qualitative marketing research and consultancy across a range of sectors. These include consumer markets, financial services and insurance, technology, business to business, advertising and media, automotive, business and leisure travel, politics and healthcare. Opinium?s offering spans consultancy, syndicated, Omnibus and field and data services. Opinium runs a daily low-cost online Omnibus survey interviewing 2000 UK adults per wave.