Miss Allen- Unit 3 personal and Business finance. Year 12 business Miss Allen- Unit 3 personal and Business finance.

Aims of today Recap over Personal Finance Sixth form assessments will take place next week. Timetable to be confirmed for all subjects.

Importance of managing personal finance Different ways to pay Different types of bank accounts. Managing personal finance Different types of savings and investments Functions and role of money. Unit of account, means of exchange, store of value and legal tender. Also relate to life stages and the financial needs/implications. Methods of payment e.g. cash, debit card, credit card, cheque, electronic transfer, direct debit, standing order, prepaid card, contactless card, charge card, store card, mobile banking, BACS or CHAPS. Must know advantages and disadvantages of each. Standard Packaged (premium) Basic Student. Overdraft Personal loan Hire purchase Mortgage Credit card Payday loan Individual Savings Acccounts (ISAs) Desposit and Savings Accounts. Premium Bonds Bonds and Gilts Shares Pensions

Savings vs Investments Different types of insurance Features of finance institutions Communicating with Customers You need to be able to state the risks and rewards of both savings and investments. Types of insurance e.g. Health, Pet, Travel, Car, Home and Contents, Life assurance and insurance. Must know advantages and disadvantages of each. Bank of England Banks Building Societies Credit Unions National Savings and Investments (NS&I) Insurance Companies Pension Companies Pawnbrokers Payday Loans Branch Online Banking Telephone Banking Mobile Banking Postal Banking

Consumer Protection Information, guidance and advice. Financial Conduction Authority (FCA) Citizens Advice Financial Ombudsmen Service (FOS) Independent financial advisor (IFA) Financial Services Compensation Scheme (FSCS) Price comparison websites Office of Fair Trading (OFT) Money advice service Legislation: consumer credit Debt counsellors Individual Voluntary Arrangements (IVAs) Bankruptcy.