B: Explore the personal finance sector

Question 1

What are the types of financial institutions? (9)

Answer 1

• Bank of England
• Banks
• Building societies
• Credit unions
• National Savings and Investment
• Insurance companies
• Pension companies
• Pawnbrokers
• Payday loans

Question 2

What are the different methods of communicating with customers? (5)

Answer 2

• Branch
• Online banking
• Telephone banking
• Mobile banking
• Postal banking

Question 3

What are the consumer protection organisations and laws? (5)

Answer 3

• Financial Conduct Authority (FCA)
• Financial Ombudsmen Service (FOS)
• Financial Services Compensation Scheme (FSCS)
• Office of Fair Trading (OFT)
• Legislation: consumer credit

Question 4

What are the organisations which offer information guidance and advice? (6)

Answer 4

• Citizens Advice
• Independent financial advisor (IFA)
• Price comparison websites
• Money advice service
• Debt counsellors
• Individual Voluntary Arrangements (IVAs) bankruptcy