Financial Services

Financial Services

Introduction to Financial Services

1.0Financial Services is a growing industry, which provides for the

financial needs of individual consumers and businesses. This unit

explores the needs of and products available for both the consumers

and businesses. The term financial service covers a wide range of

products including accounts for depositing money, loans, savings and

investments, pension and financial advice.

Financial Services for individual consumers are available from banks,

building societies and also from organizations such as supermarkets

and insurance companies, over the counter, by telephone or over the

Internet.

Businesses have financial needs when they start up, expand and carry

on day-to-day business activities. These needs include financing,

insurance, bookkeeping, payment services, investment and general

financial advice. A variety of financial institutions can provide

these services banks, insurance and investment companies and firms of

accountants.

In this assignment I will produce a report which analyses the

financial needs of three different types of customers and investigate

the ways in which these needs can be satisfied by a range of financial

service providers. Two of the customers are personal customers of

contrasting types. In this case I will be talking about a graduate

from university and parents of two children. I will estimate their

likely expenditure and income in the form of a personal budget.

In the 2nd task I will recommend how those needs can be met and from

which type of financial institution (an assessment of the cost,

returns, risks and benefits of the products).

To: Business Studies Department of S.G.M Ref: 1122

From: Demet Gocer Date: 02/11/04

Title: Analysis of financial needs of a graduate from university and a

married couple both employed with children.

1.0 Terms of Reference

On Monday 7th September 2004 , I was asked to write a report on

financial services by the business studies department. This report is

written by Demet Gocer, and is based on an analysis of two customers,

and an estimate of their likely income and expenditure, in a form of a

cash-flow forecast, and an assessment of their financial needs, I also

need to identify the financial service needs of a business, and

explaining how the size of an organization can be a signi...

... middle of paper ...

...eeds to be changed or withdrawn.

Supply of goods and services act

This act involves the supply of services, including those for the

supply of financial services. The following are included in the

contract:

- The services will be performed with reasonable care

- The work will be done within a reasonable time

- A reasonable charge will be made

Reasons for legislations: In general terms legislation in this area is

intended to:

- Protect those with weaker bargaining power, e.g. employees in a

large firm or small firms negotiating with a large powerful trade

union

- Ensure that all UK firms meet the needs of customers in a cost

effective way which will lead to international competitiveness

There are plenty of regulations and laws that aim to protect the

public when they are buying or using financial products or services,

they are mostly formulated by particular industry bodies, an industry

body is not a government regulator, but a group which represents

similar kinds of business (e.g banks, or mortgage lenders) Therefore

customers know that if they deal with a business that is a member of

that body, they will be treated in a particular way.