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Unit 3 Personal and Business finance Keywords Topic B
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- PEARSON (PEARSON)
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Unit 3 Personal and Business financeTOPIC B KEYWORDS: EXPLORE THE PERSONAL FINANCIAL SECTOR
Key words Definition
B1 – TYPES OF FINANCIAL INSTITUTIONS
1. Bank of England This is the UK’s central bank with responsibility for maintaining a healthy
level of financial stability for the UK as a whole. Responsibilities include
issuing legal tender, setting interest rates and controlling the national debt.
2. Banks Is an organisation that handles financial transactions and stores money on
behalf of its customers. Services offered will include holding deposits,
making payments when instructed to do so and supplying credit.
3. Building These are organisations that handle financial transactions and store money
societies on behalf of their members. The members or account holders are part
owners of the building society and have a right to vote and receive
information on the running of the society.
4. Credit unions These are not-for-profit organisations that handle financial transactions and
store money on behalf of their members.
5. National Savings This is a government backed organisation that offers a secure saving option.
and investments It offers a range of options including ISAs, premium bonds and gilts and
bonds.
6. Insurance These are businesses that protect against the risk of loss in return for a
companies premium. They are profit-making organisations.
7. Pension These are businesses that sell policies to individuals, either privately or
companies through employers, to allow them to save now to fund retirement in the
future.
8. Pawnbrokers These are businesses or individuals who loan money against the security of a
personal asset, for example an item of jewellery or piece of electronic
equipment.
9. Payday loans These are organisations that offer a short-term source of finance used to
bridge the gap between now and next receiving a wage; they are normally
only available for relatively small amounts at very high rates.
B2 COMMUNICATING WITH CUSTOMERS
10. Branch Physical places where the customer will visit to carry out transactions which
can be face to face, for example over the counter transactions or using
computerised facilities, such as1 automatic teller machines (ATM)
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