Financial Institutions Flashcards
1
Q
Banks
A
Owned by shareholders
Are reliable, secure and private
Offers customers a range of financial services (loans)
2
Q
Credit unions
A
Non profit organisations
Offer members savings/ current accounts and loans
3
Q
Pawnbrokers
A
Individuals/ businesses that loan money agasint the value of a persons assets
Interest is charged on loans
Pawned items bot bought back on time may be sold to pawnbroker
4
Q
Bank of england
A
Issues legal tender
Responsible for maintaining uk’s financial stability
Regulates and supervises banks
