Learning Aim B Flashcards
What is a Credit Union?
A non-profit organization that offers a variety of banking services.
What is a National Savings and Investment?
Government organization that offers a secure saving option. Options include ISA, premium bonds or bonds and gilts.
What are Pension Companies?
Businesses that sell policies to individuals to allow them to save for retirement.
What is a Pawn Broker?
Businesses who loan money against the security of an asset. Lower interest rates than loans.
What is an FCA?
Independant organisation that is the conduct regulator for financial services and firms in the UK. Funded via fees charged to financial service providers.
What is an FOS?
Appointed by the government to protect consumers who are in disputes with financial service providers. Funded by compulsory fees charged to all regulated financial institutions.
What is an FSCS?
Organization that pays compensation to consumers when the financial service provider is unable to.
What is Consumer Credit Legislation?
Laws that have been passed to regulate any business offering credit to consumers. These laws are passed by the government to ensure consumers are protected and that financial providers do not take advantage.
What is a price comparison website?
professionals who provide advice on comparison websites . They compare the price of goods and services from a range of companies.
What is an IVA?
Agreement with creditors to pay all or part of debt. You agree to make regular payments, who will dividend this money between your creditors.
