Financial Services Essay -- Industry Body Finances Essays

Financial Services door musical mode to Financial Services1.0Financial Services is a growing industry, which deliver the goodss for the monetary take of individual consumers and businesses. This unitexplores the needs of and products available for twain the consumersand businesses. The term monetary service covers a wide range ofproducts including accounts for depositing money, loans, savings and investitures, pension and financial advice.Financial Services for individual consumers argon available from banks,building societies and overly from organizations such as supermarketsand insurance companies, over the counter, by telephone or over theInternet. demarcationes have financial needs when they start up, expand and courseon day-to-day business setivities. These needs include financing,insurance, bookkeeping, payment services, investment and generalfinancial advice. A variety of financial institutions can providethese services banks, insurance and investment companies and f irms ofaccountants.In this assignment I impart produce a report which analyses thefinancial needs of three contrastive types of customers and investigatethe ways in which these needs can be genial by a range of financialservice providers. Two of the customers are individualized customers ofcontrasting types. In this case I pass on be talking about a graduatefrom university and parents of two children. I go out estimate theirlikely expenditure and income in the form of a personal budget.In the 2nd task I will recommend how those needs can be met and fromwhich 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 1122From Demet Gocer Date 02/11/04Title Analysis of financial needs of a graduate from university and amarried couple both employed with children.1.0 Terms of ReferenceOn Monday 7th September 2004 , I was asked to write a report onfinancial services by the business studies depar tment. This report iswritten by Demet Gocer, and is based on an abstract of two customers,and an estimate of their likely income and expenditure, in a form of acash-flow forecast, and an assessment of their financial needs, I alsoneed to identify the financial service needs of a business, andexplaining how the size of an organization can be a signi... ...eeds to be changed or withdrawn.Supply of goods and services actThis act involves the supply of services, including those for thesupply of financial services. The following are included in thecontract- The services will be performed with reasonable care- The employ will be done within a reasonable condemnation- A reasonable charge will be madeReasons for legislations In general terms legislation in this area isintended to- encourage those with weaker bargaining power, e.g. employees in a large firm or downcast 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 competitivenessThere are ken of regulations and laws that aim to protect thepublic when they are buying or apply financial products or services,they are mostly formulated by grumpy industry bodies, an industrybody is not a government regulator, but a group which representssimilar kinds of business (e.g banks, or mortgage lenders) whencecustomers know that if they deal with a business that is a member ofthat body, they will be treated in a particular way.