‘A welcome breath of fresh air’ – Which? response to RBS chief executive Ross McEwan’s speech on managing future interest rate rises

Which? executive director Richard Lloyd said:

“RBS’s commitment to earn back the trust of customers is a welcome breath of fresh air, especially coming from one of the UK’s biggest banks. Their promise to help people understand how they will be affected by future interest rate rises is the responsible thing to do for borrowers, and it’s vital that this is done in the right way.

“We now need to see RBS deliver on their pledge, and other banks following their lead, as part of a wider effort to tackle the rock bottom levels of consumer trust in banking.”

Background:

The latest findings from the Which? Consumer Insight Tracker reveal:

  • Half (51%) of consumers are worried about mortgage rates
  • More than half (56%) of consumers are worried about the interest rate on their savings
  • Only a third (34%) of consumers say they trust the day-to-day banking sector

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