An Investigation into How the Payment Protection Insurance Scandal has Affected Consumer Confidence in the Banking Industry
Stuart Andrew, Mitchell
Cardiff Metropolitan University
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The study took an inductive, interpretivist, qualitative approach to the effect Payment Protection Insurance mis-selling has had on final-year undergraduate student’s trust in the retail banking industry in the UK and to what extent affected their financial awareness and knowledge. A third objective of the study was to identify any other issues that may have affected student’s confidence in the retail banking industry in the UK. The study employed semi-structured interviews as a method of data collection, with questions based upon key themes from the literature review. Eight final-year undergraduate students were interviewed for the purposes of this study and the data gathered from those interviews was analysed and used to produce a hypothesis on the effects Payment Protection Insurance mis-selling on student’s confidence and trust in the banking industry. Findings from the study showed that Payment Protection Insurance mis-selling had, to a degree, negatively affected students trust in the banking industry, although the effects of mis-selling Payment Protection on their financial awareness and knowledge was undetermined. Two main issues were raised were found to affect student’s confidence in the banking industry, a lack of transparency and inadequate Government involvement in regulating the banking industry.
BA (Hons) Business and Management with Finance
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