Unit 5 Flashcards
1
Q
need for regulation
A
to enhance security in system
2
Q
cost of compliance
A
cost of regulation can be too high
3
Q
HSBC fines
A
2011, fined £10.5 mil for mis-selling bonds to 2000+ elderly consumers
4
Q
data protection act
A
2018 the way information is stored and shared
5
Q
banking conduct of business sourcebook (BCOBS)
A
sets out rules that retail providers who accept deposits must follow in regards to information and consumer rights
6
Q
the standard of lending practice
A
voluntary guidelines for credit responsibility
7
Q
effects of inflation
A
hard to sell exports
less products being used
standard of living falls
8
Q
effects of employment
A
defaults and less products being used (unemployment)
consumer culture more products (employment)
Uk current unemployment is 4.1%
