The financial services industry includes banks, investment firms, insurance companies, and other providers of financial products and services. They are vital to a well-functioning economy. Financial services enable consumers to purchase consumer products, save money, raise finance, and secure the financial system.
Financial services can include any number of activities, from lending to insurance to investments. They may be provided by credit unions, community banks, and large commercial banks.
One of the most popular financial services is loans. Banks provide loans to people who need them, and they earn income by charging interest on the funds they lend.
Another popular service is financial advice. These firms are sometimes called brokers. Stockbrokers help people buy and sell stocks at a better price. Some companies specialize in advisory services for wealthy families.
The financial industry is highly regulated by the government. In the UK, the Financial Services Authority (FSA) is the body in charge of regulation and supervision. It was established in 1999.
This industry plays an important role in the world’s economies, and many countries need it to function. Having a strong sector bolsters consumer confidence, and helps people to build a more stable life.
There are a number of financial service jobs, but not all of them will lead to career growth. Consider your own skills and what you are good at before deciding on a career in this field. A degree may not always be necessary, but a combination of hard and soft skills will be more useful in your career.