Unit 2 Topic 9 Flashcards
Broker
A person or organisation that earns commission by arranging transactions between buyers and sellers
Collective investment scheme
An investment product such as a unit trust or open-ended investment company (OEIC) that lets many retail investors pool their money together
What is this sentence describing?
An independent body set up by parliament that settles customer complaints about providers at no charge to consumers.
The Financial Ombudsman Service (FOS)
What is this definition referring to?
A public body sponsored by the Department for Work and Pensions which aims to support people to make the most their money and pensions. It is funded by levies on the financial services industry and pension schemes.
Money and Pension Service (MaPS)
Money health check
What does it aim to anticipate?
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 does not make a claim
What is this definition referring to?
An online service that enables customers to compare financial products and thus to make informed choices.
Price comparison websites
What are 3 requirements that the FCA expects FSPs information to be?
Fair
Not misleading
Clear and relevant
Name 4 ways in which people can obtain information directly from providers
Marketing brochures and leaflets
Provider websites
TV and radio advertisements
Staff that work for the provider
Give 2 benefits of MoneyBox
Gives information on financial products but does not market them
Identifies problems that people might be having with particular products
Give an advantage of price comparison websites
Enables customers to compare financial products more easily and make informed choices
Contain ‘best buy’ tables and quotation tools
Give a disadvantage of price comparison websites
Customers are still advised to do their own research because comparison websites might not compare like with like
Often ‘brokers’ for products included in their tables
What are the 3 services offered by the Monday Advice Service?
Money health checks
Financial education and information
Debt advice
Name 3 features of the advice offered by Citizens Advice
Free
Confidential
Independent
Name 3 features of the National Debtline
Free
Confidential
Independent
