Topic B

Question 1

Bank

Answer 1

Owned by one person, but has some different shareholders

Question 2

Building Society

Answer 2

Owned by numerous individuals

Question 3

Credit Unions

Answer 3

Financial cooperatives owned and run by their members

Question 4

Pawnbrokers

Answer 4

Individuals who loan money against the value of a persons assets e.g jewellery

Question 5

Pension Companies

Answer 5

Allow individuals to put away money for when they’re older

Question 6

Payday loan companies

Answer 6

Businesses that offer short-term loans to individuals requiring cash between paydays

Question 7

Independent Financial Advisors (IFA’S)

Answer 7

Individuals who can offer personal advice regarding money for a fee

Question 8

Financial Conduct Authority (FCA)

Answer 8

Role is to authorise businesses to trade, supervise work and ensure individuals are provided with a range of products and services

Question 9

Financial Ombudsman Service (FOS)

Answer 9

Where consumers can turn to if they have an unresolved complaint about a financial provider

Question 10

Financial Service Compensation Scheme (FSCS)

Answer 10

This fund can pay compensation to consumers for financial loss

Question 11

Individual Voluntary Arrangements (IVA)

Answer 11

Agreement that you will pay all your debts