finance unit three- topic seven

?
what age are men and women eligible for the state pension?
68
1 of 19
what changes have taken place since 2008 that mean individuals need to amend their fianncial plans to achieve sustainability in the long term?
the impact of very low interest rates, changes in eligibility criteria for products and services, changes to age state benefit is paid at and changes to benefit system
2 of 19
how has increased access to computers and the internet promoted sustainability of personal finances?
financial info and services are increasingly and more easily available online.
3 of 19
why are individuals uncertain whether their financial plans are sustainable in the long term?
it's difficult to predict when the bank rate will be increased, people are uncertain whether their plans are sustainable in the long term.
4 of 19
why is it likely the bank rate will rise soon?
in august 2013 mark carney said an increase in the bank rate would be considered if unemployment fell below 7%. by early 2018, unemployment was 4.3%
5 of 19
what is the boomerang generation?
young adults who leave their parents home but have to return because they cant afford rent or a mortgage
6 of 19
what are factors affecting home affordability (private rental prices)?
moderate increase by an average of 1.1% in 12 months before january 2018
7 of 19
what are factors affecting home affordability (UK avg earnings in real terms)?
moderate decrease for the 12 months to december 2017
8 of 19
what are factors affecting home affordability (multiple of income that first time buyers paid for their home)?
large increase from an avg of 2.7 times incoem in 1996 to an avg of 3.49 times income in 2016
9 of 19
what is the role of the european systemic risk board
monitors the entire fianncial sector to identify potential problems that could lead to future crises and acts to prevent them
10 of 19
what is the role of the european banking authority
works to ensure effective and consistent prudential regulation and supervision across european banking sector
11 of 19
what is the role of the european securities and markets authority
contributes to safeguarding the stability of EU's financial system by enhancing protection of investors and promoting stable and orderly financial markets
12 of 19
what is the role of the european insurance and occupational pensions authority
aim to support stability of financial system, transparency of markets and financial products as well as protection of insurance policyholders, pension scheme members and beneficiaries
13 of 19
what is the aim of the european regulatory framework?
to coordinate between national financial authroities of member states and to harmonise the technical rules that apply to the financial services sector. the UK and other member states arent required to implement them unless in the form of directive or
14 of 19
what is the directive 94/19/EC on deposit guarantee schemes
required all member states to offer a compensation scheme that would protect depositors should an authorised institution fail
15 of 19
what is the EU gender directive?
established the principle of equal treatment between men and women in access to and supply of goods, EU courts ruled insurance companies shouldn't charge different premiums and men and women should be offered same annuity rates
16 of 19
what is the transparency directive?
applies to storing and providing regulated info, such as financial reports of providers, annual and half yearly accounts and disclosure of major shareholder transactions. means theyre less likely to hide deficits in balance sheets- leads to bank fail
17 of 19
what is the capital requirements directive?
specifies liquid assets providers must hold to ensure they meet withdrawl needs of customers and continue to operate whne they cant borrow
18 of 19
what is a mortgage guarantee on the govt's help to buy scheme
lenders offered mortgages that were 95% of purchase price so consumer only needed a 5% deposit. applied to any type of property and was closed on 31 december 2016
19 of 19

Other cards in this set

Card 2

Front

what changes have taken place since 2008 that mean individuals need to amend their fianncial plans to achieve sustainability in the long term?

Back

the impact of very low interest rates, changes in eligibility criteria for products and services, changes to age state benefit is paid at and changes to benefit system

Card 3

Front

how has increased access to computers and the internet promoted sustainability of personal finances?

Back

Preview of the front of card 3

Card 4

Front

why are individuals uncertain whether their financial plans are sustainable in the long term?

Back

Preview of the front of card 4

Card 5

Front

why is it likely the bank rate will rise soon?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all topic 7 resources »