Although equity markets are soaring near all-time highs, public trust in the finance profession has moved in the other direction.Even though the financial service industry does provide a necessary and beneficial services to society such as lending, preparing for retirement or directing investment capital to fund growth, many public opinion polls offer a dim view on the industry.Following the financial crisis and recurring scandals many people question the industry’s integrity, it is now up to individuals in the finance profession to repair the industry’s tarnished image. This begins with establishing a framework for rebuilding trust.A national opinion poll conducted by the University of Arizona of nearly 900 high school students shows that more than two years after the massive financial crisis of 2008 and 2009, the majority of respondents harbour a significant amount of distrust toward banks, credit unions, credit card companies, businesses and investment institutions.Only 25 percent of students disagreed with the following statement: “The stock market is rigged mostly to benefit greedy Wall Street bankers.” Fewer than one in five students who responded to the survey (17 percent) disagreed with the statement that “banks are mostly interested in getting my money through hidden fees.”The recent annual survey of CFA Institute members called the Global Market Sentiment Survey (www.cfainstitute.org/about/research/surveys/Pages/global_market_sentiment_survey_2013.aspx) provides even more insight on the industry’s perception of itself. Ninety-eight percent of the nearly 7,000 survey respondents acknowledged a serious lack of trust in the finance industry.In addition, 74 percent of those surveyed felt there was little room for improvement in trust for 2013. Why did CFA professionals feel there was a lack of trust? Fifty-six percent of members believe that it is actually a lack of ethical culture at finance firms.So the challenge and need to restore trust in the financial service industry is largely the responsibility of its own employees.Industry professionals will need to focus on appropriate culture and enact procedures that place stewardship and professional ethics at the core of all they do. Client interests need to come before their own, products need to be transparent and educational growth promoted.In response to these issues, the CFA Institute has also launched a multiyear project called the ‘Future of Finance’ (www.cfainstitute.org/learning/future/pages/index.aspx).One aspect already created is the Statement of Investor Rights. This has been developed to assist all buyers of financial service products to get the conduct they are entitled to expect from any financial service provider.They reflect the fundamental ethical principals that are critical to achieving the confidence and trust one needs in order to have a meaningful professional relationships.Take the following list in your dealings with any financial professional and demand their tenants:When engaging the services of financial professionals and organisations, I have the right to …1. Honest, competent, and ethical conduct that complies with applicable law;2. Independent and objective advice and assistance based on informed analysis, prudent judgment, and diligent effort;3. My financial interests taking precedence over those of the professional and the organisation;4. Fair treatment with respect to other clients;5. Disclosure of any existing or potential conflicts of interest in providing products or services to me;6. Understanding of my circumstances, so that any advice provided is suitable and based on my financial objectives and constraints;7. Clear, accurate, complete, and timely communications that use plain language and are presented in a format that conveys the information effectively;8. An explanation of all fees and costs charged to me, and information showing these expenses to be fair and reasonable;9. Confidentiality of my information;10. Appropriate and complete records to support the work done on my behalf.Ultimately a lack of trust can create a gap between the needs of investors and the services they actually receive.This gap is detrimental to achieving everyone’s goals and in the long run hurts societies’ progress overall.Dylan Grice, from the Edelweiss Journal said it best: “exchange is only possible to the extent that people trust each other: when eating in a restaurant we trust the chef not to put things in our food; when hiring a builder we trust him to build a wall which won’t fall down; when we book a flight we entrust our lives and the lives of our families to complete strangers.“Trust is social bonding and societies without it are stalked by social unrest, upheaval or even war. Distrust is a brake on prosperity, because distrust is a brake on exchange.”The fuel for the restoration of a well-functioning financial service industry is trust.Disclaimer: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Anchor Investment Management Ltd. to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance is no guarantee of future results.