T Level Finance - Open Ended

What does FCA stand for?

Answer explanation

Financial Conduct Authority

Who is the FCA funded by?

Answer explanation

Compulsory membership o all financial institutions

Explain the FCA's function of supervision?

Answer explanation

Supervision - ensuring practices are in the interest of the consumer

Explain the FCA's function of Enforcement

Answer explanation

Enforcement - using powers to ensure standards are maintained

What can the FOS order a business to pay a customer?

Answer explanation

Compensation

Who will pay compensation to a consumer of financial services if the service provider is unable to?

Answer explanation

Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme (FSCS) protects savings up to how much ? (£)

Answer explanation

£85,000

Which regulatory body is appointed by the government to settle disputes between consumers and businesses providing financial services?

Answer explanation

FOS - Financial Ombudsman Service

How does the use of big data impact decision-making in the financial industry?

Answer explanation

It allows for more informed and data-driven decision-making

Big Data: Which V makes sense of unstructured data from different sources.

Answer explanation

Variety