Ensuring compliance every step of the way.
There are 11 main types of financial services.1. Banking
Banking is the most commonly known type of financial service, and it includes deposits into savings or current accounts. It also includes making loans to customers. Usually, the repayment will have interest, for example, mortgages and loans for cars.2. Wealth management
This is a financial service that assists people in saving their money intelligently. It is also a service that aims to help people to make a return on their money where possible.3. Advisory
Financial advisors can help organizations and people with a variety of tasks. Financial advisors can advise on any financial transaction, from purchasing real estate to buying shares on the stock exchange, or pensions advice. Some of these services are charitable or government run and free at the point of access. However, many financial services for businesses will charge a commission or fee.4. Insurance
Insurance is a commonly understood procedure, you make regular payments to insure against something going wrong in a particular field. This can be life insurance, pet, car, home or even insurance against tax investigation from HMRC.5. Mutual Funds
Mutual funds are often called hedge funds. Where a group of investors come together and allow someone else to manage their money to generate a profit. Often the buy-in for a mutual fund is less than s expect and can be a good way for you to make the most out of your money.6. Investment Banks
Investment banks invest on behalf of their own account as well as providing their customers with financial advice. This can sometimes lead to conflict. However, investment banking can be a good way to make the most out of your finances.7. Commercial Banks
Commercial, or high street banks, are the most widely known financial service. They will handle anything from your current or savings account. To making you loans that are repayable interest, for example, to buy a home or car.8. Brokerage firms
Brokerage firms allow you to buy and sell shares on the stock market.9. Insurance Companies
There is a lot of competition in the insurance industry, as a result, there are lots of insurance firms that can provide insurance for almost anything including, but not limited to life cover, pet insurance, home or health insurance.10. CPA firms
Chartered Professional Accounting firms will deal with four main things, auditing, taxes, consultancy, and management.11. Planning firms
Planning firms are in essence wealth management firms, they will assist you through the stages in life, offering advice on investment and pension, to help you achieve financial freedom.
Financial services are services that are provided by the finance industry and are inclusive of, but not limited to banks, credit unions, credit card companies, accountancy companies, insurance companies, stock brokerages, consumer-finance companies, investment funds and so on.
In 2017, 6.5% of the UK's economy was financial services, which accounted for £119 billion.
There are two main types of finance.
The top 10 paying jobs in the financial sector are as follows.
UK Finance is the trade association set up for the UK Financial Services and banking sectors, it was formed on 1 July 2017.
It was formed when the UK Cards Association and the Asset Based Finance Association, Payments UK, British Bankers' Association and the Council of Mortgage Lenders merged to become one entity.
If your employee become ill and is unable to work, they may become eligible for SSP (Statutory Sick Pay) which is currently set at £92.05 per week for a maximum of 28 weeks.
However, your organisations sick pay scheme may offer more, it is illegal to offer less.
Company sick pay schemes are also refereed to 'occupational' or 'contractual' sick pay and must be included in the employment contract.
In the UK you must provide all employees with a wage slip. A payslip can also be referred to as an itemised pay statement in legal terms, and must be provided to your employees on or before each of their pay dates.
In the event that an employee is unable to access an electronic version of their pay slip, you must produce a hard copy for them.
If you have been off of work for more than four days in a row, inclusive of non-working days, and are too ill to work, you can get Statutory Sick Pay (SSP) which is paid at £92.50 by your employer for up to 28 weeks.
A payslip must show all of the variable deductions, inclusive of National Insurance, Tax, pension deductions and student loan repayments.
As of February 2018 your payslip must also display time worked and demonstrate that your pay is appropriate and complies with the legal set minimums.
As part of your contract of employment you are entitled to be paid on time.
Moreover, in the event that your employer is consistently late in paying you whilst you are employed by them, you can follow legal procedures to ensure your right to be paid is legally enforced.
In this event it is recommended you contact the citizens advice bureau.
In the event that you do not have a company sick pay scheme, your employer will still have to pay you Statutory Sick Pay (SSP), as long as you meet the requirements.
Your employer does not have to pay it for the first three days of illness, unless, within the last eight weeks you have been paid SSP and are eligible for it still. SSP is currently paid at £92.50 per week.