Topic 9: Sources of information and advice Flashcards
Broker
A person or organisation that earn commission by arranging transactions between buyers and sellers
Financial Ombudsman Service (FOS)
An independent body set up by Parliament that settles customer complaints about providers at no charge to consumers
Financial personality
A person’s attitude to risk and the way they manage their money. The key factor in an individual’s decision-making process when choosing a financial product
Money and Pensions Service (MaPS)
A public body sponsored by the Department of Work and Pensions which aims to support people to make the most of their money and pensions. It’s funded by levies on the financial services industry and pension schemes
Money health check
An assessment of a person’s overall financial position in relation to their circumstances. It aims to anticipate future events
No claims discount
A discount on the insurance premium that builds up for each year a person doesn’t make a claim.
Price comparison website
An online service that enables customers to compare financial products and thus make informed decisions
Restricted advisor
A professional who can recommend only certain types of products from one or a limited number of providers. They’re not allowed to use the word “independent” to describe their advice.
