Level 3 BTEC Foundation Diploma Business/Law/Finance PDF

Level 3 BTEC Foundation Diploma Business/Law/Finance Unit 3: Personal and Business Finance Lesson 4 – Learning Aim B Expectations Our break will be at Are you wearing your ID badge? No food in our lesson Break Time – STARTS AT RETURN AT  Ground Rules Do not use your mobile p...

Level 3 BTEC Foundation Diploma Business/Law/Finance Unit 3: Personal and Business Finance Lesson 4 – Learning Aim B Expectations Our break will be at Are you wearing your ID badge? No food in our lesson Break Time – STARTS AT RETURN AT  Ground Rules Do not use your mobile phones unless you have been asked by a teacher Wear your lanyards at all times Learning Outcomes  Identify a range of financial institutions.  Explain the purpose and functions of a variety of financial institutions.  Analyse the benefits and limitations of each identified financial institution and how they communicate with people​​  Know who offers advice and guidance  Identify and describe a range of communication techniques that are used by financial providers.​  Analyse the benefits and limitations associated with each communication method identified.​  Evaluate and register intent with the financial provider so that effective communications can take place between the financial ACTIVITY 1 Class Discussion….. Name as many types of financial institution that you can think of…… What do they do and what role do they have in society? Bank of England  What is the role of the Bank of England?  Watch the short video clips and make notes under the following headings:  Money  Prices and the value of your money  Controlling spending  The financial system  The money-go-round  Keeping confidence  How the Bank works  https://www.bankofengland.co.uk/explainers/what-does-the-bank-of- england-do Banks Cheques Direct BACS debits Mortgage Advice s Bank s Secure Overdraft storage s Cash withdraw Loans al Standing orders Building Societies Offer a wide range of services similar to a bank Account holders are members and as such part owners of the building society. They therefore receive a voting right There are no shareholders Cost can be kept down due to less pressure to make a profit Activity 2  Research and prepare a glossary of terms following financial institutions:  Bank of England  banks  building societies  credit unions  National Savings and Investments  insurance companies  pension companies  pawnbrokers  payday loan companies  What are the advantages and disadvantages of using each one? Discussion As a whole group, Consider this from Think about In small groups, whether this has discuss whether the point of view of discuss how affected other these changes have employees, banks, technology changes industries or just had a positive or customers (of have affected how banking. Think of negative impact on different ages) and banking operates. examples banking? other businesses. Communicating with Customers Balances Notifications Advice e.g. new DD Communicatio ns Advertising New services Changes e.g. Charges interest rates  Mobile banking Online banking Branch Different ways the bank contact their customer Telephone Postal banking banking Complete the following table filling in the advantages and disadvantages for each method Method Advantages Disadvantages Branch Online banking Telephone banking Mobile banking Postal banking Information guidance and advice There are a number of institutions that offer advice and guidance when and if you have any problems with financial institutions They are : Citizens advice Independent Financial Advisors Price comparison websites Debt counsellors The Money Advice Service IVA and Bankruptcy Research Activity Find out and write a sentence about each of the organisations that can provide information and advice What is the difference between information and advice?​ SHARE with the class Activity Identify a range of organisations who could assist you with financial advice and support. Where would you go if you were experiencing financial hardship? Where would you go if you wanted to invest money into something? What service does a Financial Advisor Provide? Create a leaflet giving information to people about where they can go for financial advice.​  Learning Outcomes  Identify a range of financial institutions.  Explain the purpose and functions of a variety of financial institutions.  Analyse the benefits and limitations of each identified financial institution and how they communicate with people​​  Know who offers advice and guidance  Identify and describe a range of communication techniques that are used by financial providers.​  Analyse the benefits and limitations associated with each communication method identified.​  Evaluate and register intent with the financial provider so that effective communications can take place between the financial institution and the customers.​ Break Be back and ready to start again at Learning Outcomes – Part 2  Understand consumer protection in relation to personal finance ​  Define the term ‘Consumer Protection’.​  Identify and explain the function, role and responsibilities of a variety of organisations who protect the interests of consumers​  Seek assistance from relevant organisations depending on the situation.​ Consumer Protection  “Consumer rights are protected by laws and organisations in the event of a failing from a businesses product or service.”  The Consumer Rights Act 2015. Research task  Research the following financial institutions  Financial Conduct Authority (FCA)​  Financial Ombudsmen Service (FOS)​  Financial Services Compensation Scheme (FSCS)​  Office of Fair Trading (OFT)​  For each institution, give a definition and explain how they help consumers ACTIVITY 5  Research the UK economy between 2007 and 2013 and the Global Financial Crisis.  Compile a timeline of the main events  Why did the financial crisis happen? Learning Outcomes  By the end of this session you will be able to…..  Identify a range of financial institutions.  Explain the purpose and functions of a variety of financial institutions.  Analyse the benefits and limitations of each identified financial institution.