Research from the Financial Services Consumer Panel has revealed consumers' growing dissatisfaction with the financial services industry.

Consumers described a perceived decline in fairness in the industry, comparing less favourably with the retail sector, the research showed.

Adam Phillips, chair of the Fincancial Services Consumer Panel Chair, said he was concerned by the research.

He said, 'Financial services are an essential part of life so it is no wonder that consumers regard treating customers fairly with such importance.

'It is very worrying that the public still believe they are not getting a fair deal and that there is a perception matters are getting worse.'

Phillips added, 'The industry needs to do more to increase transparency, giving customers clear and meaningful information, so that they see an improvement in standards of customer service.'

Insurance products and store cards topped the list of consumer gripes, while the lack of personalised service was also a cause for concern.

Phillips said the government must take steps to address fairness in the sector in its current reorganisation of the regulatory regime.