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Bradshaw Puggaard posted an update 2 years ago
Financial service providers are the financial intermediaries that provide all sorts of financial products and services to individuals and organizations. Financial service providers therefore include accountants, estate agents, debt consolidation providers, estate lawyers, personal financial advisers, registered financial Advisors, financial plan specialists, loan providers, mortgage intermediaries, personal debt counselors, registered investment advisors, estate agents, and financial management companies. These financial service providers work on the principle of providing financial products and services from a point of view of generating high income and profit.
The financial advice and accountancy sector employ over 1.5 million people in United Kingdom and that is not including the number of employees involved in the corporate sector. Because of this huge amount of employment potential, it is not surprising that there is a significant amount of corruption in the financial service providers industry. In order to combat against corruption in the financial services sector, there are a number of regulatory and ethical standards being enforced by the government.
There are many professional bodies and organisations that have been set up to provide financial advice and accountancy services to individuals and organizations. The most important regulatory body that regulates most of the financial services is the FSA (Financial Services Authority). This agency was set up by the FSA in 1998 as a watchdog organization to monitor and ensure that the financial services industry provides high quality and effective financial advice and accounting services to clients. All its members are responsible for imparting impartial and professional financial advice and accounting services to their clients.
Apart from FSA, there are other regulatory bodies that regulate the activities of financial service providers. One of these bodies is the Office of Fair Trading. This independent regulator is the government appointed regulator for England and Wales. It is in charge of ensuring that the financial service providers provide honest and correct information and also acts as a watchdog to make sure that the rules and regulations are being adhered to by the financial service providers. The Financial Services Authority is in charge of maintaining a Register of Financial Services Specialists which is a record of people who are recognised as experts in the field of financial advice and accountancy.
An important area of financial services regulation is that of money laundering and terrorism financing. Money laundering refers to the conduct of activities by financial institutions or other financial service providers in order to circumvent the restrictions on currency transactions set out by the United Kingdom government. Terrorist financing is the funding of terrorist activities either by the government or by private organisations. Many people have been killed and millions of dollars lost due to the finance provided by financial institutions for terrorist activities. The Financial Services Authority is the regulator of the money laundering and terrorist financing activities of financial service providers.
People who work in the financial services sector are required to undergo a background check before they can take up jobs. The FSA has detailed guidelines on how an individual or organisation can screen their employees. It stipulates that companies will not hire anyone with a criminal history if there is any chance that the applicant could provide financial advice to them that would put their own financial interests at risk. Financial advisers are required to reveal their criminal history if they wish to take up jobs working for other financial institutions.
Financial service providers can also work with regulated bodies like the Financial Services Authority, the Prudential Regulation Authority or the Financial Service Boards of England and Wales. The Regulated Forex Broker Regulation is a step taken by the FSA to implement measures against the excessive speculations and trading of forex by financial services providers. The Regulated Dealer Regulation aims to protect customers from the charges made by unregulated deal brokers. Financial service providers can choose to work with one of these bodies or to be a member of several of them.
The formation of housing finance companies was prompted by the failure of house building in the UK. These companies are primarily responsible for providing mortgage finance. They work closely with homebuyers and developers to ensure that they get the best mortgages available. They also build the shared homes for those who cannot afford to purchase homes on their own. A financial service mutual fund is a type of investment product where a company pool’s funds with other investors, so that the investors are able to create wealth. In the United Kingdom, there are currently many mutual fund companies that work with people such as retired people, students and low income groups.