FCMC: People’s confidence in the financial sector and its supervisor has grown

13.04.2016
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Riga, 21.03.2016

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FCMC: People’s confidence in the financial sector and its supervisor has grown

Financial and Capital Market Commission (FCMC) in collaboration with market and public opinion research center SKDS has conducted an annual survey of Latvia’s inhabitants’ confidence in financial institutions and knowledge of financial market supervision. The survey results show that there is a growing number of inhabitants who have generally neutral and trustful attitude towards the providers of financial services in the Latvian market, reaching an average 52% (50% in 2015). During the year, the level of trust has increased in all the institutions included in the survey, indicates the survey performer SKDS.

 

Most inhabitants of Latvia rely on insurance companies – 71% (previously 68%), followed by commercial banks with 67% (previously 63%), which experience the most rapid growth this year. 63% (previously 60%) trust in state-funded pension system, 54% (previously 52%) in private pension funds, 40% (previously 39%) in investment funds and 38% (previously 36%) in brokerage firms.

 

FCMC Chief Public Relations Officer Ieva Upleja: “We observe that in recent years there is more and more positive changing attitude towards the service providers in the Latvian financial sector, and in 2016 52% of people trust the financial market participants. Where previously this figure had a significant increase (from 44% (2014) to 50% (2015)), it is now considered as a persistent positive trend. In addition, we are pleased with FCMC’s performance evaluation, well, the number of those who are very familiar with our activities has decreased, but trust in FCMC’s performance has increased from 47% (2015) to 54% (2016). It is very good news, it means that those people who know what the financial supervisor is doing, they rely on FCMC’s activities in the financial sector.”

 

The survey also investigated how Latvia’s inhabitants evaluate bank security. The number of people who believe that the Latvian banks can keep their money safe and very safe has increased to 49.3% (previously 38.3%) during the year.

 

The study was conducted in January 2016 following the FCMC order. 1,040 inhabitants of Latvia aged from 15 to 74 years were surveyed. Method: face to face interviews at respondents’ places of residence.

 

For further information:

Ieva Upleja

FCMC Communication Department

Chief Public Relations Officer

Phone: 67774807, 29476003

ieva.upleja@fktk.lv 

More on FCMC:

www.fktk.lv, www.klientuskola.lv, Twitter.com/FKTK_LV

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