Learning Aim B Flashcards
Bank of England
This is the central bank of the United Kingdom and is responsible for managing the country’s monetary policy, controlling inflation, and maintaining financial stability.
Bank
A bank is a financial institution that accepts deposits from the public, provides loans, and offer various financial services such as savings accounts, checking accounts, and investment products.
Building societies
A financial institution that primarily provides savings accounts and offers home loans (mortgages) to its customers.
Credit unions
A member owned financial cooperative that provides savings accounts, loans, and other financial services to its member.
National Savings and Investments (NS&I)
A government-backed organisation in the UK that offers a range of savings and investment products to the public.
Insurance companes
Businesses that provide financial protection to individuals and organisations by offering insurance policies.
Pension companies
Financial institutions that manage pension funds and provide pension plans to individuals and organisations.
Pawnbrokers
Businesses that lend money to individuals in exchange for personal items of value, such as jewellery, electronics, and other assets.
Payday loans
These are short-term, high-interest loans typically intended to be repaid on the borrower’s next payday.
Branch banking
Refers to a system where a bank operates multiple physical locations in different areas to provide banking services to its customers.
Online banking
A system that allows customers to access and manage their bank accounts via the internet.
Telephone banking
A service that allows customers to manage their bank accounts and perform banking transactions over the phone.
Mobile banking
A service that allows customers to access and manage their bank accounts using a smart phone or tablet through a mobile banking app.
Postal banking
Refers to the provision of banking services through national posting systems, allowing customers to conduct financial transactions at post offices.
FCA
A regulatory body in the UK responsible for overseeing financial markets and firms to ensure they operate in a way that is fair, transparent, and in the best interests of consumers.
FOS
An independent organisation in the UK that helps resolve disputes between consumers and financial businesses, such as banks, insurance companies, and investment firms.
FSCS
A UK government-backed organisation that provides compensation to customers of financial services firms that have failed or gone out of business.
Consumer credit legislation
Refers to laws and regulations that govern the provision of credit and loans to customers.
Citizens advice
A network of independent charities in the UK that provides free, confidential, and impartial advice to individuals on a wide range of issues.
IFA
A professional who provides unbiased financial advice to clients on a wide range of financial matters, such as investments, pensions, savings, and insurance.
Price comparison websites
Online platforms that allows consumers to compare prices for products or services across different retailers or providers.
Debt counsellors
Professionals who help individuals manage and reduce their debt.
IVA
A formal, legally-binding agreement between an individual and their creditors to pay off all or art of their debts over a fixed period, usually 5 years.
Bankruptcy
A legal process that occurs when an individual or business is unable to repay their outstanding debts.
