Customers Protection, Institutions, Advice

Question 1

COSTUMER’S PROTECTION

Answer 1

1) FCA - financial conduct authority
- improves the working of financial markets to ensure costumers get a fair deal
- includes OFT
2) FOS - financial ombudsmen service
- complain handlers
- unbiased opinion
3) FSCS - financial service compensation scheme
- if bank goes busts £85k back

Question 2

FINANCIAL INSTITUTIONS

Answer 2

1) BANK OF ENGLAND
2) BANKS
3) BUILDING SOCIETIES
4) CREDIT UNIONS
5) NATIONAL SAVINGS AND INVESTMENT
6) INSURANCE COMPANIES
7) PENSION COMPANIES
8) PAWNBROKERS
9) PAYDAY LOANS

Question 3

METHODS OF COMMUNICATION WITH CUSTOMERS

Answer 3

1) BRANCH
2) ONLINE BANKING
3) TELEPHONE BANKING
4) MOBILE BANKING

Question 4

ADVICE

Answer 4

1) CITIZENS ADVICE
2) INDEPENDENT FINANCIAL ADVISOR (IFA)
3) PRICE COMPARISON WEBSITES
4) MONEY ADVICE SERVICES
5) DEBT COUNSELLOR
6) INDIVIDUAL VOLUNTARY ARRANGEMENTS (IVAs) BANKRUPTCY