Financial Services Essay -- Industry Body Finances Essays

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... ...eeds to be changed or withdrawn.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.