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Managing my financial journey

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This course aims to provide learners with an understanding of the origins and development of financial services, post-crisis changes in the financial industry, current marketplace offerings, and regulations and consumer protection. The course covers topics such as banking, investment funds, insurance, property investment, and regulatory structures. By the end of the course, students will have gained knowledge about various financial products, market trends, regulatory frameworks, and consumer protection measures. The course uses a combination of historical context, case studies, quizzes, and round-up sessions to facilitate learning. It is designed for individuals interested in enhancing their financial literacy, understanding the financial services industry, and staying informed about financial regulations and consumer protections.

Syllabus

Week1Week 1: The origins and development of financial services
Introduction
1.1 The origins of banking
1.1.1 Banking and the union of England and Scotland
Scottish banking after the union
1.1.2 The Bank of England and the growth of banking
1.1.3 Cheques and the emergence of modern banking
1.1.4 Building Societies
1.1.5 The emergence of the insurance industry
The purposes of long-term and general insurance
Marine insurance and Lloyd’s
Fire insurance
Life assurance
1.2 The London Stock Exchange
1.2.1 The growth of the Stock Exchange
1.2.2 The rise of the investment funds
Use a fund manager or go it alone?
1.2.3 The liberalisation of the financial services
1.2.4 Big Bang and the rise of the investment banks
1.2.5 Technological change
1.2.6 The impact of the growth of home ownership
1.2.7 The impact of an ageing and prosperous population
1.3 Regulation and regulatory failures pre-FSA
1.3.1 The rise and fall of the FSA
1.3.2 The build-up to the global financial crisis
1.3.3 Collapse! The global financial crisis
1.3.4 Rescuing the banks and the subsequent post-mortems
1.4 Week 1 quiz
1.5 Week 1 round-up
References
Acknowledgements
Week2Week 2: Post-crisis: new players, new issues, new rules
Introduction
2.1 Banking: competition and the ‘challenger’ banks
2.1.1 Taxing banks and incentivising lending
2.1.2 Investment banks after the financial crisis
The investment bank sector
2.1.3 Tackling the bonus culture and ring-fencing banks
Ring-fencing banks
2.1.4 Building societies – their numbers decline further
2.1.5 Credit unions to take on the payday lenders?
2.2 Insurance firms – addressing gender issues
2.2.1 Genetics and insurance
2.2.2 The London Stock Exchange – evolving to compete
2.2.3 Fund managers – central to the way we invest
2.2.4 Hedge funds – are they market manipulators?
2.2.5 Advisers and fees
2.2.6 Advisers in the contemporary financial marketplace
2.3 The Bank of England – a bigger role in regulation
2.3.1 The regulators
The PRA and FCA
2.3.2 Regulatory changes since 2000
2.3.3 Financial services business – changing technology
2.3.4 Comparison sites
2.4 Week 2 quiz
2.5 Week 2 round-up
References
Acknowledgements
Week3Week 3: What’s on offer? The marketplace and current issues
Introduction
3.1 Banking services – the competition for current accounts
3.1.1 Borrowing – the debt products on offer
3.1.2 Have borrowers never had it so good?
3.1.3 The mortgage market – rock-bottom rates
3.1.4 Islamic finance – a growing market in the UK
3.1.5 Savings products – rock-bottom rates and government incentives
3.1.6 Bonds – currently offering low yields for investors
3.1.7 Shares – volatile but good long-term performers
3.1.8 Drivers of equity markets
3.2 Investment funds
3.2.1 Types of investment fund
3.2.2 Tax-efficient savings
3.2.3 Pensions
3.2.4 Access to pension pots: the 2015 pensions revolution
3.2.5 The UK pensions revolution
3.3 Property investment – a boom in buy-to-let investors
3.3.1 Equity release
3.3.2 Buying insurance
3.3.3 A decision-making model for financial products
3.3.4 Insurance – applying the four-stage model (1)
3.3.5 Insurance – applying the four-stage model (2)
3.4 Week 3 quiz
3.5 Week 3 round-up
Further reading
References
Acknowledgements
Week4Week 4: Regulation and consumer protection
Introduction
4.1 The regulatory structure
4.1.1 Getting to know the PRA and FCA
4.1.2 Regulation moves from ‘principles’ to ‘judgement’ and 'forward-looking'
4.1.3 Approving the firm and its senior managers
‘Approved persons’ and the Senior Managers Regime
4.2 The regulation of sales – customer classification
4.2.1 Selling to customers – communications
4.2.2 Selling to customers – suitability reports
4.2.3 The Retail Distribution Review (RDR)
The ‘conduct risk’ review
4.2.4 Viewpoints on the Retail Distribution Review
4.2.5 The Mortgage Market Review (MMR)
4.3 The protection safety nets
4.3.1 Misleading statement regulations and whistle-blowing
4.3.2 Protecting customers’ assets
4.3.4 Data protection
Data security failings
4.3.5 Complaints: the Financial Ombudsman Service (FOS)
4.3.6 The Financial Services Compensation Scheme (FSCS)
4.3.7 Guidance and support – the Money Advice Service
4.3.8 Guidance and support – Citizens Advice
4.3.9 True Potential LLP
4.4 End-of-course quiz
4.5 Week 4 and course round-up
References
Acknowledgements

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