Financial Services Essay -- Industry Body Finances Essays

Financial functionIntroduction to Financial Services1.0Financial Services is a growing industry, which provides for the monetary inevitably of someone consumers and agate linees. This unitexplores the needs of and products available for both the consumersand businesses. The term financial service covers a broad(a) throw ofproducts including accounts for depositing money, loans, savings and investments, pension and financial advice.Financial Services for individual consumers argon available from banks,building societies and also from organizations such as supermarketsand damages companies, over the counter, by telephone or over theInternet.Businesses have financial needs when they start up, expand and carryon day-to-day business activities. 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 firms ofaccountants. In this assignment I allow produce a say which analyses thefinancial needs of three different shells of customers and investigatethe ways in which these needs can be satisfied by a range of financialservice providers. Two of the customers are personal customers ofcontrasting types. In this case I will be talking about a alumnusfrom university and parents of two children. I will estimate their liable(predicate) consumption 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 control 02/11/04Title Analysis of financial needs of a graduate from university and amarried couple both employed with children.1.0 Terms of abduceOn Monday 7th September 2004 , I was asked to write a constitution onfinancial services by the business studies department. This r eport is indite 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 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 ...eeds to be changed or withdrawn.Supply of goods and services actThis act involves the supply of services, including those for thesupply of financial services.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 work will be make within a reasonable time- A reasonable taper will be madeReasons for rules In general terms legislation in this area isintended to- Protect those with weaker bargaining power, e.g. employees in a large firm or small firms negotiating with a large sinewy trade union- Ensure that all UK firms meet the needs of customers in a cost effective way which will lead to fore ign competitivenessThere are plenty of regulations and laws that aim to protect the existence when they are buying or using financial products or services,they are mostly formulated by particular industry bodies, an industry personify is not a government regulator, but a group which represents like kinds of business (e.g banks, or mortgage lenders) Thereforecustomers know that if they deal with a business that is a member ofthat body, they will be treated in a particular way.