Financial Institutions

What is the role of the Bank of England?

• Providing insurance and pension services

• Regulating consumer credit laws

• Handling financial transactions and storing money

• Issuing legal tender and setting interest rates

What is a disadvantage of online banking?

• Lower fees and interest rates

• Diverse range of financial services

• Convenient branch and online services

• Limited accessibility for individuals and businesses

What are two advantages of building societies?

• Focus on mortgage lending and home ownership

• They are member-owned and often community-oriented

• Limited branch and ATM networks

• Lower fees and interest rates

Discuss the different sources of financial information and guidance that Bethany could use.

• National Savings and Investments and Pension companies

• Independent financial advisor and Price comparison websites

• Branch and Online banking

• Financial Ombudsman Service and Debt counselors

Describe the role of the Financial Conduct Authority.

• Regulating consumer credit laws

• Representing the interests of the consumer in disputes

• Offering free and impartial financial advice

• Permitting financial service providers to trade

Identify two disadvantages of online banking.

• Limited accessibility for individuals and businesses

• Limited direct customer services

• May have strict eligibility criteria

• Limited branch and ATM networks

Explain two advantages of building societies.

• Limited branch and ATM networks

• Member-owned and often community-oriented

• Limited investment options

• May offer lower interest rates

What is the role of the Financial Ombudsman Service?

• Representing the interests of the consumer in disputes

• Regulating consumer credit laws

• Permitting financial service providers to trade

• Offering free and impartial financial advice

What is the role of the Financial Services Compensation Scheme?

• Offering free and impartial financial advice

• Representing the interests of consumers in disputes

• Paying compensation to consumers if the service provider is unable to fulfill its financial obligations

• Regulating consumer credit laws

Do you think it is necessary for the government and other organizations to regulate financial institutions? Or should they be trusted to self-regulate?

• No, financial institutions should be trusted to self-regulate.

• It depends on the specific financial institution.

• I'm not sure.

• Yes, it is necessary for the government and other organizations to regulate financial institutions.