COMMERCE 1B03 Chapter Notes - Chapter 15-16: Iso 9000, Six Sigma, Lean Manufacturing
9 Apr 2013
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Chapter fifteen the financial services industry in. Credit unions: non-profit, member-owned financial cooperatives, offer full variety of banking services to members. Trust company: administers estates, pension plans, agency contracts, banks cannot do this. Non-banks: accept no deposits but offer other services provided by regular banks, pension funds, insurance companies. Pension funds: money put aside for when employees retire. Commercial/consumer finance companies: offer short-term loans to businesses/individuals who cannot meet credit requirements of regular bank, have higher interest rates. Can be regulated at federal or provincial level. Department of finance (federal regulating body) has three agencies: the office of the superintendent of financial institutions (monitors day-to-day operations of institutions, canada deposit insurance corporation (protects deposits up to. ,000 for each customer in each financial institution: the financial consumer agency of canada (monitors institutions to ensure they follow consumer protection measures) Money: anything people generally accept as payment for goods/services. Barter: trading of goods/services for other goods/services directly.
