More than half of those surveyed in Edelman's latest Trust Barometer want more federal regulation of the financial services sector, which is opposed by the crowd running for the Republican presidential nomination sweepstakes.
The data shows 54 percent of respondents deem federal regulation of that sector is too low. A mere 15 percent feel the opposite is true.
The No. 1 independent firm believes people want innovation in the financial services business to provide convenience but want to be sure that new developments are kept in check by regulation.
The key reason: people don't want the financial wolves of Wall Street running amok in the chicken house.
More than half (54 percent) of respondents say greed and money are key motives driving the financial business, while other 66 percent point to reaching business growth targets.
Only three-in-ten say innovations are designed to improve people's lives. More established (and better regulated) components of the financial business (electronic and mobile payments) score higher in the trust category than newer segments and wide-open areas like cyber-currency and Bitcoin.
A big takeaway of the poll: financial business should embrace sensible regulations to spur innovation and increase public trust.
Lesson for politicos: cool the tired old rhetoric about excessive federal regulation.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
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