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Summary Unit 3 - Personal and Business Finance: financial institutions £5.97   Add to cart
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Summary Unit 3 - Personal and Business Finance: financial institutions
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This document explains what the many types of financial institutions are and how they work along with the benefits and drawbacks of each. This is a concise yet detailed document including all you need to know on this topic of the unit 3 exam.

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  • July 13, 2024
  • 3
  • 2023/2024
  • Summary

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Financial institutions are organisations that offer financial services to individuals and/ or
businesses. These services include the ability to deposit or withdraw money, obtain credit and
make investments, as well as offering advice on matters of personal and business finance.




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.




Banks:

 A bank 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.




Building societies:

 These are organisations that handle financial transactions and store money on behalf of
their members. These are part owners of the building society and have a right to vote
and receive information on the running of the society.
 Unlike banks they do not have shareholders on a stock exchange which allows costs to
be kept down.




Credit unions:

 These are not-for-profit organisations that handle financial transactions and store money
on behalf of their members. Members are the owners and have a voting right.
 Often there is a responsibility or desire to support a community made up of its members.




National Savings and Investments:

 This is a government-backed organisation that offers a secure saving option.
 It offers a range of options including ISAs, premium bonds and gilts and bonds.

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