Article On Financial Services

Economic growth brings growth in financial industries. Financial Industries refers to financial services. Growth in financial industries always creates abundant of financial jobs for the job seekers. The finance manager are more favorable to handle the complexity in financial transaction and also manage growing amount of investments. They also need to handle different types of financial services like mergers and acquisitions, raise capital and assess global financial transaction.

As economic expands there will be financial growth over the next decades. If we talk about the career in this sector than there are number of career opportunities in financial sectors like commercial banking, banking, insurance etc. This sector creates lots of best job opportunities and best career growth for job seekers.

There are some different kinds of financial services provided by the finance industries like commercial banking, insurance sector, banking (private and public), Foreign Exchange services, Investment services etc.

Commercial Banking

Commercial Banking includes loan issuance (credit appraisal, account management), mortgage services, leasing, credit card banking, international finance, trade credit, trust services and overall operational handling.

Insurance Sector

Insurance sector consist of the insurance brokerage, insurance underwriting where job seeker can have the job like insurance broker, Stock brokers etc.

Investment Banking

Considered as the most glamorous area in finance, investment banking includes corporate finance, mergers and acquisitions, project finance, trading, structured finance, management of financial assets, trade of securities and financial advice. Other types of banking service includes like capital market bank, Bank card, private bank etc.

Other financial service includes like Intermediate services which will includes Stock brokers assist investors in buying or selling shares. Primarily internet-based companies are often referred to as discount brokerages, although many now have branch offices to assist clients. It also includes private equity, venture capital, conglomerates etc. So these are some financial service which consist of financial jobs like accounting job, financial manager job, financial analyst job, finance director job, senior finance job etc.

Financial Service Firms And IT Manager Jobs

Information technology has become the backbone of the modern financial services sector in the United Kingdom. Firms in London and elsewhere throughout the region cannot rely anymore on fax machines or land lines to provide top notch services to their clients. Instead, customers and corporate clients expect their financial service provider to have high speed networks and mobile phones. Financial services, in essence, require instant access and constant contact between consultants and clients.

Computer networks, mobile services, and network security do not just pop in from thin air, however. Financial service firms of all sizes are adopting IT departments in-house or developing exclusive relationships with consultancies in order to meet their technological needs. Entry level professionals like help desk workers, network consultants, and IT generalists are hired en masse in order to set up systems and keep them flexible over the long term. These professionals need guidance, whether on specific departmental goals or fulfilling the general goals of financial services. In this way, IT managers and experienced professionals who want to gain management experience should find their way to financial service leaders.

Financial service firms, like similar businesses in the stock trading and banking fields, have long been involved in developing proprietary IT solutions. These firms need to have data security methods that are unique to their corporate headquarters and regional offices. As well, financial service agents need to be trained on a variety of custom software programs that will help determine the best solutions for their clients. IT managers are needed to implement these solutions and train professionals on how to get their jobs done. These managers are often involved in the planning stages of software development and updates, which help them train their employees. From there, they can develop training solutions that will combine corporate strategies with departmental goals.

In addition to assisting IT professionals accomplish their own jobs, IT managers need to mind the goals of the larger firm. New IT managers are often surprised by the number of meetings that they have with sales management, accountants, and other management and supervisory staff. These meetings are meant to co-ordinate departmental efforts and ensure that every goal that a financial services firm sets forth is accomplish. After all, even IT managers have to recognise that their goal is to improve the experience of individual customers. IT managers jobs, therefore, can be a juggling act between internal technological issues and a consideration of how their firm is competing in the larger industry.

Why Has the Financial Services Authority (FSA) Regulated the Sale and Rent Back Sector?

Sell and rent back has been in existence for many years. In the past, there have been a number of cases where companies or individuals have entered into a sale and rent back agreements, promising the owner the opportunity to remain in their property for as long as they wish.

However, the reality in a number of cases is that after a period of six months, the owners have been served notice, evicted from the property, and left homeless by unscrupulous landlords and the property sold at a large profit. In addition to this, there have also been cases where mortgage companies have repossessed the homes of these individuals as the landlords have been unable or unwilling to make mortgage payments on the homes in question.

In response to this, the FSA has taken the step to provide security to those wishing to sell their home whilst remaining in the property for the long term. The FSA have asked all companies and individuals that operate in the sector to apply for ‘interim authorisation.’ From the 1st of July 2009, all companies wishing to continue working in the sale and rent back sector had to apply for this authorisation by the 31st July 2009. Any company not submitting an application by this date is NOT permitted to conduct business in this sector from 1st August 2009.

As part of the application process, the FSA has requested information from each applicant relating to the whole of their business operations. This will allow the FSA to look at each individual and company within the sector, and decide whether or not to grant them interim authorisation. The FSA will pay particular attention to the financial workings of the sale and rent back provider to ensure they are in a position to meet any commitments in the long term. It will also look at the processes implemented by the provider to ensure that they deal with homeowners in an open, honest way, and ensure that the consumer is able to make a decision as to whether or not they wish to enter into a sale and rent back agreement.

The FSA has set a benchmark in the financial services sector to ensure that all consumers are treated fairly (Treating Customers Fairly)

The 6 Outcomes are detailed below

Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

If you are thinking about selling your home and renting it back, your first step should be to ensure that you are dealing with a company that has gained interim authorisation. This will provide you with a level of security, and the knowledge that you will be dealt with in line with the FSA’s guidelines.

As a forward-thinking company, Quick Purchase Limited were one of the first companies to gain interim authorisation from the FSA. This means that if you consider selling and renting back your home through Quick Purchase Limited you will know that you are dealing with a professional company within the Sale and Rent Back sector.