New regulations will restore trust in financial industry: survey

By Paul Wilson

ProWEB Wire (Industry News)

The majority of marketing executives on Wall Street believe new regulations aimed at financial services firms will help restore Americans’ trust in the industry, according to a new study conducted by Makovksy and Company and Echo Research.

Nearly all marketing and public relations officials at financial companies (96 percent) agreed that the reputation of their company was harmed by the financial crisis, the survey found.

Meanwhile, 57 percent graded the industry as average, below average or failing when it comes to public relations.

Approximately three-quarters of respondents said regulations such as the Dodd-Frank act will help bolster their clients’ trust, the survey said.

"There has been a shift in priority from recovering and stabilizing to focusing on customer satisfaction and improving public perception," said Scott Tangney, head of Makovsky’s financial services practice.

The survey did not include CEOs of the firms, many of whom have said they oppose the Dodd-Frank Act, Tagney said.