Australian consumers rank financial services as the least trusted industry behind pharmaceuticals, technology, the Federal Government and telecommunications, a new survey has revealed.

The poll of more than 1500 Australians, conducted by customer experience agency Yell Creative in partnership with YouGov, asked participants to rank the five industries from most to least trusted.

More than one-third of respondents do not trust the financial services sector at all.

Consumers were also asked to rank particular segments within financial services, and insurers and brokers fared particularly badly.

The most trusted by a considerable margin was super fund providers, followed by banks, financial advisers, mortgage providers, insurers, brokers and credit card providers.

Nearly three-quarters of consumers who do not trust financial services say they feel businesses put their own profits and goals ahead of customers’ best interests.

And 63% of respondents indicate a lack of transparency around fees and charges is the reason for their mistrust.

“The risk for established financial services firms is that with new entrants, fintech firms and the like, consumers have more choice,” a spokesman for Yell Creative says.

“This increased consumer power could start to pose a risk for the industry [as consumers] exercise their right to walk and find another provider that aligns better with their values – and there’s an increasing number who do.”