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Financial Services

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Sir George monoux college Unit 14 Financial services Tutor group - bus1av2 Teacher - isaac Zainab gulzar Contents Page Title Page * Introduction 2 * Jimmy Clarks Profile/Expenditure/Needs 3 * Brief description of Jimmy Clarks Financial Needs 4 * Christopher and rose's profile 5 * Brief description of Christopher and rose's Financial Needs 6 * Task 2 7 * Advantages and Disadvantages of having a current account 7 * Advantages and Disadvantages of having a savings account 8 * Loans 8 * Overdraft 8 * Insurance 9 * Children's account 12 * Government Bonds 12 * Personal Pension 13 * Occupational pension 13 * Children's account 13 * Government Bond + Table 14 * Task 3 15 * Suitable loan appropriate to the business customers needs 16 * Financial services Tesco provides for them selves 17 * Financial services Tesco cannot provides for them selves 17 * Insurances Required by law 18 * Task 4 19 * Ways in which my chosen financial service providers use IT 20 * Internal benefits of the use of EPOS 22 * The supply chain benefits 22 * Advantages of the way ICT is used by financial service providers 24 * Disadvantages of the way ICT is used by financial service providers 24 * Below is an example of Abbey's Privacy Statement 25 * Description of how the financial service providers chosen are regulated under current legislations 26 * IFA's - Independent financial advisors 27 * Example of my nearest IFA 28 * Why regulate the financial services environment 29 * The sale of goods act 1987 and 1995 29 * The sale and supply of goods and services act 1982 29 * Unfair contract terms 1977 30 * The consumer protection act 1987 30 * The consumers credit act 1973 30 * Data Protection Act 1998 30 To: IB Date: 06/03/2006 From: Zainab Gulzar Ref: 20040034 Subject: Report which analyses the financial needs of three customers and how these needs can be satisfied by a range of financial service providers. ...read more.


I believe that taking �3,500,000 as a loan will be suitable for Tesco. The type of account Sainsbury's needs - Account for wages and salaries - Need an account that is flexible and be able to transfer money to different accounts - Have a savings account where they can earn high interest on their profits - Creditors account - Financial management between accounts Suitable loan appropriate to the business customers needs When looking for a suitable loan from a selection of different banks I will be more focused in choosing the bank that provides the loan with the lowest interest rate (APR) Below are three different banks and their APR interest rates for a loan for 3 years of �3,500,000: Total borrowing Typical APR % APR on total borrowing APR plus total borrowing Monthly re-payment Yearly re-payment. Abbey - �3,500,000 7.3% �255,500 �3,755,500 �104319 �1251833 HSBC - �3,500,000 7.5% �262,500 �3,762,500 �104513 �1254166 Lloyds TSB - �3,500,000 8.3% �290,500 �3,790,500 �105291 �1263500 Abbey bank offers 7.3% APR for taking out a loan of �3,500,000. If Tesco takes a loan from Abbey bank then they will need to pay �104319 monthly and would need to pay �1,251,833 yearly. HSBC bank offers 7.5% APR for taking out a loan of �35, 00000. If Tesco was to take out a loan from HSBC bank then they will need to pay �104,513 monthly and �1,254,166 yearly. This amount is more in comparison to Abbey bank. Lastly Lloyds TSB bank offers 8.3% APR for taking out a loan for the same amount. If Tesco decides to take a loan from Lloyds TSB bank then they will need to pay �105,291 monthly and �1,263,500 yearly. I recommend Tesco to take out a loan from Abbey bank as they offer the lowest interest rate. Tesco will be paying �1,251,833 yearly for 3 years. As Tesco supermarket is a very large organization it has the ability to provide internal services for its self, therefore the size of the business is a significant factor. ...read more.


- It must not be used for any purpose other than that for which it is kept. - It must not be held for longer than is necessary to complete the purpose of which it was originally obtained. - It must not be disclosed to anyone not connected with its purpose. All these legislations must be taken into serious consideration by all organizations in order to not face conflict with the government and consumers. Organizations that break any law will face consequences from the FSA, consequences included being fined money. Although my business customer is Tesco it is an organization and is regulated. They also need to be protected when buying. Therefore, it is very important that the banks are regulated, that way they have strict rules that they have to follow. This is a guarantee to the consumers that they won't be played around or even charged for things that they shouldn't be charged for. Overall, three of my customers need to be protected by the law and regulations. Both of my personal customers will be using the bank and will be making use of loads of their services according to their needs. Therefore, it is very important that the FSA are the regulators of banks and that they are responsible in making sure that banks do not mislead consumers or overcharge them. If the banks are not regulated then they may take advantage of their customers. The customers will no longer trust them most likely close their account with then. Also, this may result in a decrease in the amount of customers that the bank will be dealing with in the future. Not only will that specific bank be affected, but the whole of UK will. This is purely because banks like HSBC have opened up in countries like Hong Kong and Dubai. So, there in competition. If the number of their consumers decreases, than obviously others will feel something has gone wrong. APENDIX List of websites used to research financial service providers for all my customers. - www.halifax.co.uk - www.barclays.co.uk - www.natwest.co.uk - www.hsbc.co.uk - www.google.com - www.fsa.gov. ...read more.

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