The financial services sector, including insurance, is the least trustworthy industry, according to a new global survey into consumer attitudes.

Only 41% of consumers trust the sector, which fared worse than telcos (47%) in the inaugural Consumer Trust Index organised by risk management group SAI Global.

Farmers scored best, garnering 83% of consumers’ trust, followed by healthcare providers and postal services at 72% each.

“Industries renowned for practices like hidden clauses, ‘free’ offers and assessments, refusal to offer refunds or avoiding payments find themselves at the bottom of the trust rankings,” SAI Global says.

The findings are consistent with other surveys where financial services often fared among the worst when it comes to trust.

SAI Global interviewed 3035 consumers globally between November and January for the inaugural index, including 1008 from the Asia Pacific region.

Consumers accept that mistakes do occur and are willing to give companies another chance provided they take the right course of remedial action.

About 47% say taking responsibility for the problem is the first step to regaining their confidence.

“More than half of consumers disagreed with the statement they would never trust a company that has failed them,” SAI Global says.

“This means more than half of the respondents would reconsider patronising a business that has failed them. That’s a big opportunity for a business in the middle of a crisis.”