Long established institutions went out of business, others were forced into takeovers and only the intervention of governments worldwide - courtesy of eye-watering financial recovery packages - prevented the banking industry from implosion.

Now, nearly 10 years on from the crisis, it’s time to take stock and examine how the industry looks today. Most importantly, how is the industry now working for the consumer? What are the products? How competitive is the industry? Is regulation working effectively to protect consumers in the financial market place? Where can consumers go to get help and guidance in a changing financial environment?

This four-week course will guide you through the UK financial marketplace, starting with a rapid review of the history of the industry leading up to the financial crisis that transformed it. You will:

• examine the institutions that comprise the industry and the issues they are currently grappling with
• walk down the aisles of the financial supermarket to see what is changing with the products on offer
• look at how the industry is now regulated
• find out how this regulation, and the guidance provided by various agencies, can help you make the right, informed choices when transacting in the financial workplace.

At the end of the course you will have gained a full insight into how the financial services industry operates and how you can transact business with knowledge and confidence.

Please note that the forum referred to in course videos is no longer available.

This course is presented on OpenLearn with the kind support of True Potential LLP📷 . If you want to know more about the work of the True Potential Centre for the Public Understanding of Finance (PUFin) and its mission to improve personal financial capability, check out the centre’s website. The centre, generously funded by True Potential LLP, has a mission to develop teaching and undertake research to help improve public financial capability.

Requirements

This course is intended for those with an interest in the financial services industry. The course does not require any previous experience of this subject, but prior study of the free course Managing my money may be an advantage.

Course learning outcomes

After studying this course, you should be able to:

• Understand the development of the financial services industry up to the 2007/08 global financial crisis
• Appreciate how the financial services industry and the way it is regulated have changed since the financial crisis
• Understand recent developments to financial and other investment products
• Understand how the regulation of financial firms in conducted
• Understand how sales of financial products are regulated and how this regulation aims to protect consumers.