World's richest to banks: We don't trust you anymore

The world's richest clients are now less loyal to their private bankers and wealth managers as well as less trusting and more demanding, according to a PwC survey.

The financial crisis and recent frauds including the Madoff scandal have badly dented high net worths' confidence in the advice they are receiving, according to the Times.

PwC detects a greater willingness to change adviser amongst the wealthy, with private banks losing half their mandates when a family fortune is passed to the next generation.

Clients are also more suspicious about the safety of their investments with around a third demanding "controls reports" or paperwork describing how proper safeguards are in place.

Meanwhile, customer satisfaction is less than adequate with some complaining their private bank failed to stay in touch when markets were plunging. Others are also concerned they are kept in the dark about how much their advisers are taking in total commissions.

Jeremy Jensen, a PwC private banking expert, said: "Today's client is much less loyal and more cautious. The financial crisis and recent scandals have awakened the sleeping giant."

The private banks' biggest concern, according to PwC, is increasing demands from regulators on tax transparency.