CA spokesperson Mick McAteer highlights investment misselling and pensions instability as reasons for a lack of public confidence.

He stressed that a number of high profile scandals over the last twenty years has tarnished the industry as a whole.

Speaking on Channel Four News he stated how incidents such as Lloyds’ recent misselling of high income investment plans deters the public:

‘Not surprisingly, consumer confidence has been shattered as a result of a litany of misselling scandals over the past two decades and this litany of misselling has left a legacy of mistrust.’

Mr McAteer suggested that the public is growing increasingly reliant upon the private sector to secure financial futures.