Unit B

Financial Institutions :

• Bank of England - UK's central bank with responsibility for maintaining a healthy level of financial stability for the UK as a whole
• Banks - An organisation that handles financial transactions and stores money on behalf of its customers
• Building Societies - Organisations that handle financial transactions and store money on behalf of their members. The members are part owners of the building society and have a right to vote and receive information on the running of the society
• Credit Unions - Not-for-profit organisations that handle financial transactions and sotre money on behalf of their members. There is a responsibility or desire to suppoert a community made up of its members
• National Savings and Investments - A government-backed organisation that offers a secure saving option
• Insurance Companies - Businesses that protect against the risk of loss in return for a premium
• Pension Companies - Businesses that sell policies to individuals, either privately or through employers, to allow them to save now to fund retirement in the future
• Pawnbrokers - Businesses or individuals who loan money against the security of a personal asset
• Payday Loans - Organisations that offer a short-term source of finance used to bridge the gap between now and…