Financial services

From Wikipedia, the free encyclopedia Jump to: navigation, search The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. (December 2010) Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. As of 2004, the financial services industry represented 20% of the market capitalization of the S&P 500 in the United States.[1]

Contents
[hide] 1 History of financial services 2 2.1 Banking services 2.2

3 Foreign exchange services 4 5 6 7 7.1 UK

8 Market share 9 10 11 12

[edit] History of financial services

The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.[2] Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.

[edit] Banks
Main article: Bank A "commercial bank" is what is commonly referred to as simply a "bank". The term "commercial" is used to distinguish it from an "investment bank," a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity).

[edit] Banking services

The primary operations of banks include: Keeping money safe while also allowing withdrawals when needed Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business) Issuance of credit cards and processing of credit card transactions and billing Issuance of debit cards for use as a substitute for checks Allow financial transactions at branches or by using Automatic Teller Machines (ATMs) Provide wire transfers of funds and Electronic fund transfers between banks Facilitation of standing orders and direct debits, so payments for bills can be made automatically Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account. Provide internet banking system to facilitate the customers to view and operate their respective accounts through internet. Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly. Provide a check guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check. service for financial and other documents Accepting the deposits from customer and provide the credit facilities to them.

[edit] Other types of bank services

Private banking - Private banks provide banking services exclusively to high net worth individuals. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services.[3] Private banks often provide more personal services, such as wealth management and tax planning, than normal retail banks.[4] Capital market bank - bank that underwrite debt and equity, assist company deals (advisory services, underwriting and advisory fees), and restructure debt into structured finance products. Bank cards - include both credit cards and debit cards. Bank Of America is the largest issuer of bank cards.[citation needed] Credit card machine services and networks - Companies which provide credit card machine and payment networks call themselves "merchant card providers".

[edit] Foreign exchange services

Foreign exchange services are provided by many banks around the world. Foreign exchange services include: Currency exchange - where clients can purchase and sell foreign currency banknotes. - banking transactions are done in foreign currency. - where clients can send funds to international banks abroad.

[edit] Investment services

Asset management - the term usually given to describe companies which run collective investment funds. Also refers to services provided by others, generally registered with the Securities and Exchange Commission as Registered Investment Advisors. - Hedge funds often employ the services of "prime brokerage" divisions at major investment banks to execute their trades. Custody services - the safe-keeping and processing of the world's securities trades and servicing the associated portfolios. Assets under custody in the world are approximately US$100 trillion.[5]

[edit] Insurance
Main article: Insurance

Insurance brokerage - Insurance brokers shop for insurance (generally corporate property and casualty insurance) on behalf of customers. Recently a number of websites have been created to give consumers basic price comparisons for services such as insurance, causing controversy within the industry.[6] Insurance underwriting - Personal lines insurance underwriters actually underwrite insurance for individuals, a service still offered primarily through agents, insurance brokers, and stock brokers. Underwriters may also offer similar commercial lines of coverage for businesses. Activities include insurance and annuities, life insurance, retirement insurance, health insurance, and property & casualty insurance. - Reinsurance is insurance sold to insurers themselves, to protect them from catastrophic losses.

[edit] Other financial services

Intermediation or advisory services - These services involve stock brokers (private client services) and discount brokers. 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. These brokerages primarily target individual investors. Full service and private client firms primarily assist and execute trades for clients with large amounts of capital to invest, such as large companies, wealthy individuals, and investment management funds. Private equity - Private equity funds are typically closed-end funds, which usually take controlling equity stakes in businesses that are either private, or taken private once acquired. Private equity funds often use leveraged buyouts (LBOs) to acquire the firms in which they invest. The most successful private equity funds can generate returns significantly higher than provided by the equity markets is a type of private equity capital typically provided by professional, outside investors to new, high-potential-growth companies in the interest of taking the company to an IPO or trade sale of the business. Angel investment - An angel investor or angel (known as a business angel or informal investor in Europe), is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital. - A financial services conglomerate is a financial services firm that is active in more than one sector of the financial services market e.g. life insurance, general insurance, health insurance, asset management, retail banking, wholesale banking, investment banking, etc. A key rationale for the existence of such businesses is the existence of diversification benefits that are present when different types of businesses are aggregated i.e. bad things don't always happen at

the same time. As a consequence, economic capital for a conglomerate is usually substantially less than economic capital is for the sum of its parts. Debt resolution is a consumer service that assists individuals that have too much debt to pay off as requested, but do not want to file bankruptcy and wish to pay off their debts owed. This debt can be accrued in various ways including but not limited to personal loans, credit cards or in some cases merchant accounts. There are many services/companies that can assist with this. These can include debt consolidation, debt settlement and refinancing.

[edit] Financial crime

[edit] UK
Fraud within the financial industry costs the UK (regulated by the FSA) an estimated 14bn a year and it is believed a further 25bn is laundered by British institutions.[7]

[edit] Market share

The financial services industry constitutes the largest group of companies in the world in terms of earnings and equity market capitalization. However it is not the largest category in terms of revenue or number of employees. It is also a slow growing and extremely fragmented industry, with the largest company (Citigroup), only having a 3 % US market share.[8] In contrast, the largest home improvement store in the US, Home Depot, has a 30 % market share, and the largest coffee house Starbucks has a 32% market share.

[edit] See also

Wikipedia books are collections of articles that can be downloaded or ordered in print. Accounting scandals Book: Finance

[edit] References
^ "The Mistakes Of Our Grandparents?". Contrary Investor.com. February 2004. http://www.contraryinvestor.com/2004archives/mofeb04.htm. Retrieved 2009-0206. ^ "Bill Summary & Status 106th Congress (1999 - 2000) S.900 CRS Summary Thomas (Library of Congress)". http://thomas.loc.gov/cgi-bin/bdquery/z? d106:SN00900:@@@D&summ2=m&. Retrieved 2011-02-08. ^ "Private Banking definition". Investor Words.com. http://www.investorwords.com/5946/private_banking.html. Retrieved 2009-02-06. ^ "How Swiss Bank Accounts Work". How Stuff Works. http://money.howstuffworks.com/personal-finance/banking/swiss-bankaccount.htm. Retrieved 2009-02-06. ^ Prudential: Securities Processing Primer ^ "Price comparison sites face probe". BBC News. 2008-01-22. http://news.bbc.co.uk/1/hi/business/7201345.stm. Retrieved 2009-02-06. ^ "Watchdog warns of criminal gangs inside banks". The Guardian (London). 200511-16. http://money.guardian.co.uk/news_/story/0,1456,1643860,00.html. Retrieved 2007-11-30. ^ The Opportunity: Small Global Market Share, Page 11, from the Sanford C. Bernstein & Co. Strategic Decisions Conference 6/02/04

[edit] Further reading

Porteous, Bruce T.; Pradip Tapadar (December 2005). Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates. Palgrave Macmillan. ISBN 1-4039-3608-0.

[edit] External links

The role of the financial Services Sector in Expanding Economic Opportunity | A report by Christopher N. Sutton and Beth Jenkins | John F. Kennedy School of Government | Harvard University ?

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Financial service providers

The Act on Financial Supervision [Wet financieel toezicht] (Wft) came into effect on 1 January 2007. The Wft replaces 7 supervision Acts, including the Financial Services Act [Wet financile dienstverlening] (Wfd). With effect from 1 January 2007, all financial service providers need a licence based on the Wft. The meaning of the term financial service provider is the same as in the Wfd. A financial service provider is the party that provides a financial product other than a financial instrument (this therefore includes banks and insurers), or that advises, mediates (including in respect of reinsurance), or acts as an authorised agent granted a power of attorney or an authorised agent granted a sub-power of attorney. An advisor in financial instruments that also provides investment services is not only designated an investment firm, but also a financial service provider. Investment firms that advise on financial instruments therefore fall into the category of financial service

providers. The Wft Exemption Regulation entirely or partially excludes a number of financial service providers from compliance with the Wft rules. The Wft consists of six parts: General, Market Access for Financial Enterprises, Prudential Supervision of Financial Enterprises, Supervision of the Conduct of Financial Enterprises, Supervision of Financial Markets and Supervision of Clearing and Settlement Systems. The part on Supervision of Clearing and Settlement Systems will be added to the Act at a later date.The part on the Supervision of the Conduct of Financial Enterprises in the Wft contains rules which financial enterprises have to observe when providing their services, such as the rules for informing consumers (transparency) and the financial enterprises duty of care.The supervision is focused on orderly and transparent financial market processes, integrity of relations between market players and due care in the provision of services to clients. On the basis of the Wft, the task of the Authority for the Financial Markets is to supervise financial markets and to take decisions relating to the admission of financial enterprises to those markets. The following are a number of relevant issues within the framework of the Wft.

Financial Advisors' views of ProvidersFinancial Services Market Research Report

Introduction
Datamonitor surveyed 100 UK IFAs in Q1 2009 to get their ratings of providers. This report reveals the extent to which online services are taken up by IFAs and which service aspects are being demanded by IFAs during challenging economic times.

Scope
Reveals IFAs' attitudes towards the service offered by life providers in the UK. In-depth analyses of the relative attractiveness of various products during the downturn and of the future competitive market structure. Benchmarks leading L&P and Asset Management firms in terms of their product offerings and elements of service.

Highlights
In today's uncertain markets, IFAs desire strong service from providers and new answers to address their administrative burdens and gain new business. It is important that providers' offerings couple this with effective and regular communications to maintain IFA confidence.

Reasons to Purchase
See how your peers' standards of service are perceived by UK IFAs during a recession. Access a detailed analysis of the most likely service aspects to be demanded by IFAs. Gives access to Datamonitor's proprietary survey of UK IFAs from Q1 2009. OVERVIEW Catalyst Summary Methodology

EXECUTIVE SUMMARY The UK financial advisory market is dominated by small independent businesses Advisors view Skandia and Invesco Perpetual as offering best overall service IFAs expect business practices with providers to change during a market downturn Providers' strength of service is a key factor for IFAs to continue business relationships Table of figures

Table of tables

ADVISORS ARE UNCERTAIN ABOUT THE FUTURE OF THE COMPETITIVE MARKET Introduction to Datamonitor's Q1 2009 Financial Advisor Survey The financial advisory industry is dominated by small firms with a broad business base Provider opportunities for 2009 lie in guiding consumers towards protection and pension products Protection sales will be maintained as their importance is highlighted in the current economic climate Pensions products will prove to be less difficult sales compared to other products ISAs are likely to increase sales over the next 6 months Advisors are most uncertain about the future sales of investment bonds Advisors expect the market structure to consolidate Banks will sell off their asset management and life operations as they focus on core competencies Advisors are expecting to see providers diversify activities and minimize costs Advisors are uncertain about how their dealings with a provider will be affected during a restructure

ADVISORS BENCHMARK PROVIDERS Advisors place business disparately with life companies compared to the more concentrated asset management market More IFAs invest their life and pensions business with Scottish Equitable and Legal &General compared to others Invesco Perpetual is more popular among advisors than other asset managers HSBC receives the least business from advisors Some large providers have stronger online penetration with IFAs than others

The life provider most preferred for online business is Abbey Skandia has also achieved popular recognition among IFAs for online service performance Advisors favor Fidelity's online services the most compared to other asset managers Advisors are not keen to embrace technological advances Value-focused concerns keep advisors skeptical regarding wrap propositions The magnitude of picking the right wrap proposition delays uptake IFAs face a challenge to improve their take-up of wrap platforms Advisors perceive some life companies as offering best service than others Skandia and Standard Life is viewed by advisors to offer better overall service Skandia is seen as offering the best service among life companies Standard Life offers customer-relevant solutions to address tough market conditions Standard Life has the fastest speed of response to queries and quality of telephone service Aviva is commended by advisors for the strength of their product range Advisors rank the quality of Legal & General's products highly compared to others Advisors rank Invesco Perpetual at top spot in all aspects of service but Fidelity is a close second Invesco Perpetual's product range is renowned for their consistent performance Fidelity also remains a popular provider among IFAs IFAs are indifferent about providers' advertisement campaigns

PROVDIERS CAN IMPROVE THE QUALITY OF SERVICE TO MAINTAIN CONFIDENCE AMONG ADVISORS Emphasis on communication and service is the key method of differentiation for providers

Providers must maintain strong communications with advisors to continue business relationships Advisors appreciate efficient and quality of communication from providers Advisors want to work with knowledgeable domestic call centers Advisors preferred method of communication for information on product launches is through email

APPENDIX Data Definitions Single premium policy Regular premium Wrap accounts Product definitions Life based savings products Life Assurance Single premium life With-profit bond Unit-linked bond Income and growth bonds Guaranteed equity bonds Distribution bonds Purchased life annuities Other bonds ISAs Matrix-Data definitions IFA firm types Further reading

Ask the analyst Datamonitor consulting Disclaimer

List of Tables Table 1: How do you see business in each of the following areas changing over the next 6 months? Table 2: Which of the following life companies do you conduct business with? Table 3: Which of the following asset management companies do you conduct business with? Table 4: What type of organization do you work for? Table 5: Roughly what proportion ob your business is currently carried out in each of the following areas? Table 6: What one thing should a provider make sure it is doing right in order to maintain a strong relationship with you? Table 7: What one thing is sure to damage your relationship with a provider? Table 8: Which of the following do you conduct business with? (Life companies) Table 9: Which of the following companies do you conduct business with? (Asset management companies) Table 10: In general, do you prefer to deal with each of the following online or offline? Table 11: How do you rank the following companies in terms of their overall service? Table 12: How do you rank the following companies in terms of their speed of response to queries? Table 13: How do you rank the following companies in terms of quality of their telephone service? Table 14: How do you rank the following insurers in terms of strength of their product range? Table 15: How do you rank the following insurers in terms of the quality of

their products? Table 16: How do you rank the following companies in term of the effectiveness of their advertising campaigns?

List of Figures Figure 1: Sole traders are the predominant IFA type Figure 2: IFA firms conduct business in several product areas Figure 3: Advisors believe protection and pension business will see an increase over the next 6 months Figure 4: Advisors expect banks to sell their asset management and life operations Figure 5: Advisors are expecting to see providers diversify activities and minimize costs Figure 6: Advisors are more likely to conduct business via telephone rather than online Figure 7: Scottish Equitable and L&G are the most popular life companies among IFAs Figure 8: Advisors conduct most business with asset management leader Invesco Perpetual Figure 9: Abbey and Skandia have higher online penetration with IFAs over other life companies Figure 10: Advisors deal online mostly with Fidelity and Invesco Perpetual than other asset managers Figure 11: IFAs do not show an interest in support services using new technology Figure 12: Financial advisors are most impressed by Skandia's and Standard Life's overall service Figure 13: Standard Life ranks the highest in IFAs' perception of their speed of response to queries Figure 14: Aviva is perceived by advisors to have a strong product range Figure 15: Legal & General is viewed highly by advisors for the quality of their products Figure 16: Invesco Perpetual is perceived as offering best overall service

 Price Promise

Figure 17: Invesco Perpetual impresses advisors the most with the strength of their product range Figure 18: Advisors perceive Invesco Perpetual as better quality products than other asset managers Figure 19: Aviva comes top in advisors ranking of effectiveness of advertising campaigns Figure 20: Advisors desire regular communication from providers in order to maintain a strong relationship Figure 21: Advisors believe a good service offering is vital to maintain relationships with providers Figure 22: Advisors want domestic call centers with knowledgeable operators Figure 23: Advisors prefer online communication when being informed of new product launches

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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Determination of Compliance Report for Financial Services Providers changing Compliance Officers, 2009
Board Notice 122 of 2009

Financial Services Board In terms of section 17(4) of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) ("the Act"), I, Dube Phineas Tshidi, Registrar of Financial Services Providers, by this notice with its schedule, determine the manner in which the compliance report of financial services providers that changed compliance officers during the reporting period, must be submitted, and the matters which it must have regard to. This determination was made after consultation with the Advisory Committee on Financial Services Providers.

a) A written report for the reporting period, conforming to the schedule attached hereto, or in the prescribed electronic format determined by the Registrar, must be submitted by the resigning compliance officer within one month after date of resignation. b) Should the resigning compliance officer not be able to submit a compliance report (in case of death or immediate dismissal), a letter from the FSP stating the circumstances, will suffice. c) Should the FSP appoint a compliance officer from compliance practice the resigning compliance officer is from, the resigning officer does not need to submit a compliance report. d) Should there be more than one compliance officer appointed by the FSP, the resigning compliance officer does not need to submit a compliance report. e) Answers should not be provided in columns that are shaded in grey in the schedule. f) In this Notice and the schedule, unless the context indicates otherwise i) any word or expression shall have the meaning that it was assigned in the Act (including any measure contemplated in the definitions of "this Act" as defined in section 1(1) of the Act); ii) "Code of Conduct" means any Code published under section 15 of the Act; iii) "Determination of Fit and Proper Requirements" means the Determination of Fit and Proper Requirements for Financial Services Providers, 2008; iv) "FICA" means the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001); v) "Forex Investment Business Code of Conduct" means the Code of Conduct for Authorised Financial Service Providers, and their Representatives, involved in Forex Investment Business, 2004; vi) "FSP" and "financial services provider" means an authorised financial services provider, and includes, where applicable, any representative of the provider; vii) "General Code of Conduct" or "General Code" means the Code of Conduct for Authorised Financial Services Providers and their Representatives, 2003; viii) "previous reporting period" means the reporting period of the last annual compliance report submitted; ix) "Regulations" means the Financial Advisory and Intermediary Services Regulations, 2003; x) "reporting date" means date on which compliance officer resigns; xi) "reporting period" means the period fromaa) the date of authorisation as financial services provider in terms of section 8 of the Act;

or bb) the first day of the month following the previous reporting period, whichever is the later date, until the reporting date. If this period is 2 months or shorter, no compliance report needs to be submitted. This Determination is called the Determination of Compliance Report for Financial Services Providers changing Compliance Officers, 2009, and comes into operation on the date of publication thereof. D P TSHIDI, Registrar of Financial Services Providers

Financial Industry Security Threats Create Opportunities for Service Providers

CAMBRIDGE, Mass., April 21, 2011 /PRNewswire via COMTEX/ -- Service providers have an opportunity to reap benefits from the security issues that are prevalent in the financial services market, according to the latest report published by Heavy Reading IP Services Insider (www.heavyreading.com/entvoip), a subscription research service from Heavy Reading (www.heavyreading.com). Service Providers Hit Pay Dirt in Financial Services Sector examines security issues in the BFSI industry today, along with those that are expected in the next 24 months. The report examines the opportunities that service providers have in the market, including areas with the most growth potential for the next 24 months. It also examines challenges the industry presents, explores future trends that will shape this market, and offers a comparative analysis of available solutions from eight leading providers. For a list of companies covered in this report, http://img.lightreading.com/evi/pdf/ipsi0411_companies.pdf "Financial institutions are responding to the new pressure they face from regulators, while rebounding from the financial devastation in the housing and credit markets during the recession," says Denise Culver, research analyst with Heavy Reading IP Services Insider and author of the report. "While these factors have placed greater pressure on the BFSI industry to lower costs, make better use of resources and meet regulatory requirements, they have also created an opportunity for service providers, especially telcos and mobile network operators." "Payment services providers have tremendous potential, since they offer new methods of payment across wireless devices and applications," Culver says. "As all these technologies become more prevalent, so too will the attacks against them from those trying to gain access to private information and unprotected funds," she notes. "As such, service providers have a tremendous opportunity to become the de facto providers of network services and security for this industry." Key findings of Service Providers Hit Pay Dirt in Financial Services Sector include the following: The BFSI industry is leveraging new technologies to lower costs, improve customer service and follow regulatory requirements. Protecting sensitive data on employees' mobile devices is a major security issue for the BFSI industry. Malicious security attacks in the BFSI industry are expected to increase by almost 30 percent over the next two years. Managed services, such as VPN and compliance, are among the strongest growth areas for service providers in the financial services sector.

Skepticism about the security of their networks is one of the main challenges that service providers must address in the BFSI industry. Service Providers Hit Pay Dirt in Financial Services Sector is available as part of an annual subscription (six issues) to Heavy Reading IP Services Insider, priced at $1,595. Individual reports are available for $900. To subscribe, or for more information, please visit: www.heavyreading.com/entvoip. For more information about other Heavy Reading Insider research services, please visit: www.heavyreading.com/research. To request a free executive summary of the report, or for details on multi-user licensing options, please contact: Jeff ClaudinoDirector of SalesInsider Research Services619-2299940claudino@lightreading.com Press/analyst contact:Jennifer BakerMarketing Director, Light Reading Communications Network617-871-1910jbaker@lightreading.com About Heavy Reading (www.heavyreading.com) Heavy Reading is an independent market research organization offering quantitative analysis of telecom technology to carriers, service providers, and vendors. Our remit is to provide the comprehensive competitive analysis needed today for the deployment of profitable networks based on next-generation hardware and software. This information is compiled via exhaustive surveys of both vendors' products and service provider decision makers. About Light Reading Communications Network (www.lightreading.com) Founded in 2000, the Light Reading Communications Network is the world's leading research-led integrated media company serving the global communications market. Lightreading.com is the ultimate source for technological and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, and TelcoTV Asia, Ethernet Expo New York and Ethernet Europe, and The Tower Summit @ CTIA, as well as focused one-day events tailored for cable, mobile, and wireline executives in the US, Europe, India, and China. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.