The Financial Conduct Authority (FCA) conducted a survey and found that less than half of UK adults have confidence in the financial service industry.
Only just over a third of people believe most financial firms are honest and transparent in their dealings.
Approximately 7.4 million people tried but failed to get in contact with their financial services providers in the 12 months before May 2022.
Over 3 million people who managed to contact a firm reported that they couldn't get the information or support they needed.
There is a more positive outlook when people rate their own provider rather than the sector as a whole.
The survey highlights that the industry continues to let down vulnerable individuals.
20% of those with low financial resilience and low capability reported that provider communications did not help at all.
The introduction of the consumer duty is imminent, which will require firms to act to deliver good outcomes for consumers and improve trust and confidence in the financial services sector.
The FCA's survey shows that there is still work to be done in helping struggling customers, especially those with mental health problems and other vulnerabilities.