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Financial Services

Extracts from this document...

Introduction

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 ...read more.

Middle

They also use the retained profit in order to buy or repair vans and other assets they have. Tescos need finance in order to continue the business, be successful and keep up the good work. If any of their assets aren't working effectively, they can choose to sell them. They should also start thinking about how they could use their profits in an effective way, to make more money; they can invest on something, buy and sell shares in the stock exchange. Stock exchange is an organized marketplace for securities featured by the centralization of supply and demand for the transaction of orders by member brokers for institutional and individual investors. If they are selling 10 million shares, they can sell another 5 million to make more money. Retirement/Life insurance Another financial need is a pension, and the financial service provider is also Tesco. Once the staff at Tesco gets to the average age of 60-65(differs depending on males/ females) they retire. Women retire at the age of 60, and the average age for men is at 65. Tesco want to offer the best possible pension scheme to their employees. Tesco knows that the older you get the more difficult it is to find life insurance. Your health can affect how much you pay, or whether you can get cove at all. That's why Tescos over 60's life insurance scheme has been designed especially for anyone over 60, it is also a very straight forward policy, that is because you do not have to answer any medical questions, which means that you will get accepted whatever health you are in. Tesco aim to provide great value, premiums start from just �7.00 per month, and when you die, the policy pays out a guaranteed cash lump sum- just what you need to give your family or to pay for the funeral costs. Reasons to choose Tescos Life insurance: * You are guaranteed to be accepted * Your premiums will never rise * No medical questions ...read more.

Conclusion

the costs of supplying the information * Data must not be accessible by an unauthorized persons * Data must be kept accurate and up to date * If incorrect data must be corrected 5.6Advertising Standards Authority This act was set up in 1962 and is an independent self regulatory body which the British Codes of Advertising and Sales Promotion. It covers all non-broadcast advertisements which appear in: * The national and regional press * Posters, and transport sites * Direct mils, leaflets or catalogues * Cinema commercials, videos * Pack promotions, competitions and prize draws The advertising Standards Authority can take actions against individuals and organizations who's advertising contravenes the code. The first step is usually to discuss the offending advertisement with the advertiser, and if an acceptable explanation isn't given the advertisement needs 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. ?? ?? ?? ?? 1 ...read more.

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