This will pave the way for service providers to innovate advanced, trusted services that will enhance user experiences whilst also reducing risks and improving privacy.

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Financial services companies and banks are the least trusted businesses, with only 47% of respondents saying they trusted banks to do what is right, and 45% saying they trusted financial services companies.

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But Martin Wheatley, the chief executive designate of the Financial Conduct Authority, said that - although there was a savings gap in the UK - people had not trusted financial services.

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