Learning Aim B: Understanding the importance of personal finance

Question 1

What are the features of financial institutions?

Answer 1

Bank of England
Banks
Building Societies
Credit Unions
National Savings and Investments
Insurance companies
Pension companies
Pawnbrokers
Payday Loans

Question 2

What are the ways of communicating with customers?

Answer 2

Branch
Online Banking
Telephone Banking
Mobile Banking
Postal Banking

Question 3

What consumer protection is available to personal finance?

Answer 3

Financial Conduct Authority (FCA)
Financial Ombudsman Service (FOS)
Financial services compensation scheme (FSCS)
Office of Fair Trading (OFT)
Legislation: consumer credit

Question 4

Where can you get help and advice for personal finance?

Answer 4

Citizens Advice
Independent financial advisors
Price comparison websites
Money avice service
Debt counsellors
Individual voluntary agreement