Customers dissatisfied with banks

The UK banking sector makes more than £30,000 profit every minute of every day, but its customers are dissatisfied and disgruntled, according to a new report.

The survey, conducted by Marketing Sciences for the Nationwide Building Society, found that 84% of people thought it unacceptable for companies to attract new customers with very competitive products that are made less competitive after a period of time.

Around 88% were against the policy of offering better deals to new customers and not to existing customers.

And 85% consider it unfair for mortgage lenders to expect customers to pay a higher lending charge (formerly known as mortgage indemnity guarantee or MIG), which protects the lender and not the customer.

Financial service providers should reward customers who remain loyal to them, 96% of respondents said.

Stuart Bernau, executive director of Nationwide, said the financial services industry "needs to rebuild trust".