KEYTERMS TOPIC 8

1. Banks that deal directly with consumers, for example providing current accounts and mortgages. (6, 5)
3. A mutual organisation (that is, owned by its members) that provides a range of financial products eg savings accounts and personal loans to members. Members of a credit union must share a common bond. (6, 5)
4. Her Majesty’s (HM) Treasury, the government department responsible for development and implementation of financial and economic policy. (8)
5. A secret personal identification number that verifies a user’s identity to a system, eg at a point of sale for debit and credit cards. (3)
7. A loan taken out to pay for a property, usually over a long term such as 25 years. (8)
8. A card that can be used to withdraw cash, to make face-to-face transactions in, for example, shops, and to make payments online or over the phone. (5, 4)

2. Banks that are involved in trading financial assets such as shares, underwriting issues of shares by other institutions and advising on mergers and acquisitions. Investment banks do not provide services such as current accounts,. (10, 5)
3. The money or other assets owned by an individual or a business. In the case of a financial services provider, it refers to the funds provided by the shareholders, not deposits from customers. (7)
4. Buying or selling something. (11)
10. A facility that allows an account holder to withdraw more money than they actually have in their account. An authorised overdraft is agreed with the bank in advance within certain limits. Going overdrawn is unauthorised. (9)

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