Financial Services Essay -- Industry Body Finances Essays

Financial functionIntroduction to Financial Services1.0Financial Services is a growing industry, which provides for the financial needs of individual consumers and businesses. This unitexplores the needs of and products available for both the consumersand businesses. The term financial service covers a wide present ofproducts including accounts for depositing money, loans, savings andinvestments, pension and financial advice.Financial Services for individual consumers are available from banks,building societies and also from organizations such as supermarketsand insurance 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, defrayment services, investment and generalfinancial advice. A variety of financial institutions can providethese services banks, insurance and investment companies and firms ofaccountants.In this a ssignment I provide produce a report which analyses thefinancial needs of three different types 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 intimately a graduatefrom university and parents of two children. I will estimate theirlikely expenditure and income in the form of a personal budget.In the 2nd childbed 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 seventh September 2004 , I was asked to write a report onfinancial services by the business studies department. This report iswritte n 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 ...eeds to be changed or withdrawn.Supply of goods and services actThis act involves the bring out of services, including those for thesupply of financial services.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 done within a reasonable time- A reasonable charge will be madeReasons for formulas 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 powerful change over union- Ensure that all UK firms meet the needs of customers in a cost effective way which will lead to inter national competitiveness there are plenty of regulations and laws that aim to protect thepublic when they are buying or using financial products or services,they are mostly formulated by particular industry bodies, an industrybody is not a government regulator, but a group which representssimilar kinds of business (e.g banks, or mortgage lenders) thuslycustomers know that if they deal with a business that is a member ofthat body, they will be treated in a particular way.