Studied by 1 personSources of advice and guidance in personal finance
Citizens Advice Bureau
Independent financial advisers
Price comparison websites
Money advice service
Debt counsellors
Citizen Advice Bureau
Charitable trust (volunteers) that offers free advice on financial issues, in particular 'managing debts'
Independent financial advisers
Professional advice on money matters for a fee
Price comparison websites
Online service, websites compare different providers of financial services
Money advice service
Government run advice services, can only be reached by phone or by writng to them
Financial conduct authority (FCA)
is the Conduct regulator for 56,000 financial services firms and the financial market in the United Kingdom.
Individual Voluntary Arrangements (IVAs)
The Individual Voluntary Arrangement is a formal debt solution to pay back debts over a period of time.
Bankruptcy
Debtor or creditor can apply, you must owe at least £5,000.
Will normally end after a year, Official Receiver will tell you when it is over.
Most debts that haven't been paid will be written off although some debts like court fines and student loans can never be written off.
Debt counsellors
Professional advice on debt management, charge for their service
Financial ombudsman service (FOS)
is the UK office expert in sorting out problems with financial services, they settle the dispute between
the consumers and financial institutes (banking, insurance), only get involved if the consumer and the bank cannot solve their problem
Financial service compensation scheme (FSCS)
the United Kingdom compensation fund for customers of authorised financial services firms. Compensate for up to £85,000 against loss caused by a financial institution.
Office of fair trade (OFT)
non profit government department which enforce both consumers protection and also competition/businesses law, now closed and replaced by FCA and CMA (Competition and Markets Authority)
Legislation- consumer credit
is an act passed by government in 1974, improved the law relating to consumer credit within the UK
Financial transactions
an agreement which is carried between buyer and a seller to exchange asset of payment. (it involves a change in the status of the financial of two or more businesses or individuals
(HMRC) Her Majesty's Revenue and Customs
is a non-ministerial department of the UK government responsible for the collection of tax
Fraud
Is a criminal deception intended to result in financial or personal gain
Communication with banks
face-to-face in branch, by post, over the telephone, online
Financial institutions
Bank of England
Banks (e.g. Natwest)
Building societies
Credit unions
National Savings and Investments
Insurance companies
Pension companies
Pawnbrokers
Payday loan companies
Bank of England
Bank run by the Government, in charge of circulation of money, not open to the public
Bank
High Street financial institution that offers a full range of financial services to the general public
Building societies
Offer a range of financial services, owned by members, mainly used for long-term loan and saving schemes
Credit unions
Offer a range of financial services to people in their area (Plymouth Credit Union), owned by members
National Savings and Investments
Offer 'Premium Bonds' to the general public
Insurance companies
Businesses that allow protection against loss or damage in exchange for a premium payment
Pension companies
Offer long-term investment and savings schemes to increase income after retirement
Pawnbrokers
Offer short-term loans in exchange for physical items, interest will be charged when 'buying back' the items
Payday loan companies
Offer short-term loans with high interest rates to individuals regardless of their credit rating
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