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a training resource

Financial Inclusion

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Contents

About the training 2

Delivering the training 4

How the resource is structured 5

Aims, learning outcomes and resources required 6

Topic 1 – Financial Exclusion 7

i) Key messages

ii) Session Plan (includes introduction to day) iii) Powerpoint slides

Topic 2 – Financial Capability 14

i) Key messages ii) Session Plan iii) Powerpoint slides

Topic 3– Types of accounts 20

i) Key messages ii) Session Plan iii) Powerpoint slides

Topic 4– Opening accounts and potential barriers 24

i) Key messages ii) Session Plan iii) Powerpoint slides

Topic 5– 1dentity (1D) and Address Verification (AV) 28

i) Key messages ii) Session Plan iii) Powerpoint slides

Topic 6 – Working with local financial institutions 32

i) Key messages ii) Session Plan iii) Powerpoint slides

Topic 7– Supporting clients in managing accounts 36

i) Key messages

ii) Session Plan (includes wrap-up to day) iii) Powerpoint slides

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About the training

This training resource is intended for organisations to train staff that work with clients who may experience financial exclusion, and who may need support to access and use a suitable account for managing their money.

Topic 1 of this resource gives a general introduction to financial exclusion – further background and research on financial exclusion can be found at www.transact.org.uk. Financial exclusion forms a part of wider exclusion and so may not always be the primary cause for concern for your clients. However, the ability to take control of your finances can be an important step in regaining control of other areas of your life – being able to access an appropriate account with which to do this is of fundamental importance.

About Toynbee Hall

Toynbee Hall produces practical innovative programmes to meet the needs of local people, improve conditions and enable communities to fulfil their potential.

The organisation makes a difference by producing local programmes that have the power to become national solutions, with a constant and ongoing commitment to the development of social policy and networks for positive change.

Toynbee Hall has played a pioneering role in financial inclusion in the UK, and continues to deliver a range of projects that seek to meet the needs of individuals and communities facing financial exclusion across the UK. For further information visit www.toynbeehall.org.uk/financialinclusion

About Financial Learning at NIACE

NIACE

The National Institute of Adult Continuing Education (NIACE) exists to encourage more and different adults to engage in learning of all kinds. We campaign for, and celebrate the achievements of adult learners, young and old, and in all their diversity. NIACE is the largest organisation working to promote the interests of learners and potential learners in England and Wales. NIACE works to support an increase in the total numbers of adults participating in formal and informal learning in England and Wales, and we also want to ensure that the quality of their learning experiences is the highest possible. We believe through adult learning, we can create and maintain a more skilled and knowledgeable workforce whilst building learning communities in which people can explore shared enthusiasms and work together as active citizens.

Financial Learning

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We do this through:

Researching what adults want to learn about finance, and how they learn.

Developing teaching materials.

Helping tutors find out about policy and practice.

Helping tutors talk to each other about their work.

We believe financial learning is a vital part of adult education. New technology and changes in the banking system have left many people feeling lost. In recent years problems caused by unmanaged debts have become more common. Budgeting, saving and personal money management will always be important to people and can provide empowering opportunities for many learners.

NIACE also aims to co-ordinate Financial Learning activity across England and Wales. We gather information on current work and provide useful resources for everyone interested in financial learning.

For further information visit http://www.niace.org.uk/

About ‘now let’s talk money’

This work is funded by ‘now let’s talk money’. The ‘now let’s talk money’ campaign is a UK-wide Government campaign, administered by the Department for Work and Pensions (DWP) and delivered by a network of regional stakeholder managers. It aims to direct people looking for financial assistance to local trusted sources where they can find information on affordable credit, confidential advice on money matters, and advice on suitable bank accounts. To find out more about ‘now let’s talk money’, please log on to the website www.nowletstalkmoney.com.

Acknowledgements

We are indebted to Caryn Loftus for her work in developing this resource, as well as Martha Lawton, Jonquil Lowe and Barbara Nance for their comments.

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Delivering the training

This training will help improve understanding of:

Financial Inclusion and Financial Exclusion, its causes and the effects of being excluded

The importance of having the appropriate skills, knowledge and confidence to be financially

included and where and how you can assist your clients to improve these

This training will help support you to:

Assist your clients in understanding their account needs and then choosing an account

appropri-ate for those needs

Support your clients to overcome possible barriers in the account opening process, including the

provision of documents to prove your identity and address

Form constructive relationships with local financial institutions

Know how best to support your clients in using different account features

This has been developed by Toynbee Hall in collaboration with NIACE, and forms part of a wider five module training programme in financial capability and inclusion. All modules can be used towards gaining a qualification in Adult Financial Capability at Level 3 (Level 3 is roughly the equivalent of an A-level).

This pack consists of:

comprehensive session plans with trainer notes

powerpoint slides

handouts

The session(s) is designed to be delivered by an individual who has some experience in training delivery but is not necessarily an expert in the subject matter. It is intended for small or medium-sized groups (between 5-15 individuals) and makes use of a number of existing resources, the majority of which are

freely available via the internet.1Of those for which there is a purchase cost involved, we would

recommend that a copy of the Personal Finance Handbook – available through Toynbee Hall (www.toynbeehall.org.uk) – may be of most use to trainers. Trainers should take the time to familiarise themselves with the session plans, handouts and resources used before delivering any training.

Along with the core material, there are optional activities that can be included to extend the training. It is intended that the session is discursive and should draw on the experience of the participants and their clients. The session(s) assume that participants have no prior knowledge of financial inclusion or banking.

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The handouts are included as an appendix and can be photocopied from this resource to be distributed during the session. The powerpoint slides can either be replicated from this resource or downloaded via www.transact.org.uk/banking. The powerpoint slides online also have additional trainer notes.

How the resource is structured

The next section lists the training aims, learning outcomes, basic materials required and additional materials that would be useful to have and where these can be accessed.

Following this, the training resource is divided into seven separate topics that can be completed together over the course of a day, or adapted to allow individual sections to be used in isolation. The topics are:

Financial Exclusion

Financial Capability

Types of accounts

Opening accounts and barriers to this

Identity (ID) and Address Verification (AV)

Working with local financial institutions

Supporting clients in managing accounts

Each topic sets out:

The key messages to take from the segment

The time required for the segment

The segment’s session plan, making clear what are actions, questions and notes for trainers

Powerpoint slides for the segment

In addition to this, the session plans show the overall timings if the topics were to be presented back-to-back over the course of a day and suggests where breaks can be included. The introduction to the day and the wrapping up of the day can be found at the start of the first topic and end of the final topic but can be moved if topics are being presented in isolation.

The handouts used throughout the training are included as an appendix at the end of this resource and can be replicated or photocopied for use in the sessions. Please acknowledge this resource as the source.

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Financial Inclusion and Bank Accounts

A training resource

Aims:

Introduce the concepts of financial exclusion, financial inclusion and financial capability

Enable intermediaries to support clients opening and using bank accounts

Learning Outcomes:

Understand the effects of financial exclusion and the benefits of financial inclusion

Understand the benefits of increasing levels of financial capability

Understand the banking options available

Understand how to support clients to select, open and use the most appropriate type of

account for their needs

Understand how to work effectively with local financial institutions

Materials required:

PowerPoint and data projector

Internet access (if available)

Flipchart, paper, pens

Post it notes

Session handouts

Additional Materials (if available):

NIACE (www.niace.org.uk):

Adult Financial Capability Framework (2nd Edition)

Money-go-Round CD-Rom

MoneyPower CD-Rom

Moneymatterstome Guide – topic on Bank Accounts

Colossal Cards

Financial Products Resource Pack – Basic bank account section

Bridging the Gap DVD

Toynbee Hall (www.toynbeehall.org.uk):

Personal Finance Handbooks for participants

Toynbee Hall Guide to ID

Guide to Financial Capability for Social Housing Tenants Others

Others:

Credit Explained (http://www.ico.gov.uk/)

FSA leaflet ‘Top Tips’ (http://www.fsa.gov.uk/financial_capability/pdfs/toptips.pdf)

‘Financial Fringe’ payment methods leaflet

(http://www.bba.org.uk/content/1/c6/01/25/36/financial_fringe_guide.pdf)

Information leaflets: In brief Financial Exclusion; In brief Financial Capability

(www.transact.org.uk/info)

Just the Facts Basic Bank Account leaflets

(http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf)

Just the Facts Credit Union leaflets (http://www.moneymadeclear.fsa.gov.uk/

pdfs/credit_unions_ink.pdf)

Banking Code (available at any bank or from

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Financial exclusion is a term that is commonly defined as being

excluded from financial goods and services. However, the impact this

exclusion can have goes beyond the financial to form a part of wider

social exclusion.

Financial exclusion is a state, not a trait. People may move into

becoming financially excluded and may move out of being financially

excluded.

Barriers that exclude an individual may be thought of as existing

either on the ‘supply’ side or the ‘demand’ side. Many ‘demand side’

obstacles can be the result of low skill, knowledge, motivation and/or

confidence levels. An intermediary’s work often focuses on assisting

clients with this.

Session length:

50 minutes (including 10 minute introduction)

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S li d e 5 S li d e 6 S li d e 7 F in an ci al E xc lu si o n is a s ta te , n o t a tr ai t, ie p e o p le m ay m o ve in a n d o u t o f b e in g f in an ci al ly e xc lu d e d , so w e t e n d t o t al k a b o u t p e o p le ‘f ac in g f in an ci al e xc lu si o n ’ r at h e r th an ‘b e in g f in an ci al ly e xc lu d e d ’, w h ic h im p lie s a p e rm an e n t co n d it io n . W h at f ac to rs m ay m ak e f in an ci al e xc lu si o n m o re li ke ly ? S lid e 5 s h o w s a ra n g e o f fa ct o rs ( fr o m P F H p 3 ) w h ic h m ak e f in an ci al e xc lu si o n m o re li ke ly : • G e o g ra p h ic al lo ca ti o n • P h ys ic al a cc e ss p ro b le m s • P ro ce d u ra l b ar ri e rs • La n g u ag e a n d c u lt u ra l b ar ri e rs • U n su it a b le p ro d u ct s • C o n fu si n g p ro d u ct s • P re -c o n ce p ti o n a n d p as t e x p e ri e n ce T h in ki n g a b o u t yo u r cl ie n ts , w h ic h a re f ac to rs a n d f o r w h o m a n d w h y? W h at d o y o u t h in k ar e t h e e ff e ct s o f fi n an ci al e xc lu si o n ? D is cu ss s lid e s 6 & 7 : F in an ci al e ff e ct s o f fi n an ci al e xc lu si o n ( P F H p 2 ): • V u ln e ra b le t o f in an ci al s h o ck s • D e n ie d o th e r fi n an ci al p ro d u ct s • U n a b le t o a ff o rd o th e r p ro d u ct s • Fo rc e d t o p ay m o re S o ci al e ff e ct s o f fi n an ci al in cl u si o n • E m p lo ya b ili ty • A cc e ss t o g o o d a n d s e rv ic e s • A d d it io n al t im e a n d e ff o rt c o st s • A cc e ss t o w e lf ar e H av e y o u c o m e a cr o ss e x am p le s o f th e se w it h y o u r cl ie n ts ?

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s H a n d o u t 2 : F in a n ci a l E x cl u si o n in t h e P e rs o n a l F in a n ce H a n d b o o k In fo rm a ti o n le a fl e t In b ri e f: F in a n ci a l E x cl u si o n S li d e 8 S li d e 9 G iv e o u t H an d o u t 2 . T h is r e ca p s w h at h as ju st b e e n d is cu ss e d In fo rm at io n le af le t ‘I n b ri e f: F in an ci al e xc lu si o n ’ i s a su m m ar y o f F in an ci al E xc lu si o n p ro d u ce d b y Tr an sa ct , t h e n at io n al f o ru m f o r fi n an ci al in cl u si o n , a n d t h e R e so lu ti o n F o u n d at io n . In tr o d u ce s lid e 8 – w h at p o lic y e x is ts a ro u n d f in an ci al in cl u si o n F in an ci al In cl u si o n P o lic y: T h e G o ve rn m e n t h as d ev e lo p e d a f in an ci al in cl u si o n s tr at e g y to : • In cr e as e a cc e ss t o b an k ac co u n ts a n d o th e r fi n an ci al p ro d u ct s • P ro v id e a ff o rd a b le c re d it a n d m o n ey a d v ic e • E x te n d t h e t ak e -u p o f in su ra n ce p ro d u ct s b y lo w -i n co m e h o u se h o ld s K ey a ct iv it ie s in cl u d e : -£ 1 3 0 m F in an ci al In cl u si o n F u n d ( F IF ) -E st a b lis h in g t h e F in an ci al In cl u si o n T as kf o rc e t o m o n it o r p ro g re ss o n t h e o b je ct iv e s th e G o ve rn m e n t h as s e t o u t an d m ak e r e co m m e n d at io n s o n w h at m o re n e e d s to b e d o n e . -G o ve rn m en t’ s ‘N o w le t’ s Ta lk M o n ey ’ c am p ai g n e n co u ra g es in te rm ed ia ri es t o h el p in cr ea se t h ei r cl ie n ts ’ f in an ci al c o n fi d en ce a n d c ap ab ili ty . F in an ci al In cl u si o n C h am p io n s is a d ev el o p m en t o f th e ‘N o w le t’ s Ta lk M o n ey ’ c am p ai g n a n d w ill w o rk w it h lo ca l a u th o ri ti es , s o ci al la n d lo rd s an d o th er k ey p ar tn er s to m ak e su re p eo p le h av e ac ce ss t o b as ic f in an ci al s er vi ce s, s u ch a s sa fe sa vi n g , b an k ac co u n ts , m o n ey a d vi ce , h o m e co n te n ts in su ra n ce a n d a ff o rd ab le c re d it . It c an b e h e lp fu l t o t h in k o f b ar ri e rs a s b e in g e it h e r su p p ly o r d e m an d . S u p p ly s id e b ar ri e rs e x is t at t h e p o in t o f su p p ly ( th e f in an ci al in st it u ti o n ) an d d e m an d s id e b ar ri e rs a re t h o se t h at li e w it h t h e in d iv id u al . W h at d o e s th e g ro u p t h in k ar e p o te n ti al s u p p ly s id e o b st ac le s an d w h at a re p o te n ti al d e m an d s id e o b st ac le s? H o w c an t h ey a ss is t yo u r cl ie n ts a ro u n d t h e se o b st ac le s? In tr o d u ce s lid e 9 . D is cu ss e x am p le s o f su p p ly a n d d e m an d s id e is su e s.

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M an y d e m an d s id e o b st ac le s ca n b e t h e r e su lt o f lo w s ki ll, k n o w le d g e , m o ti va ti o n a n d /o r co n fi d e n ce le ve ls o f th e in d iv id u al = f in an ci al c a p a b ili ty . A k ey e le m e n t o f in te rm e d ia ri e s w o rk o n d e m an d fo cu se s o n a ss is ti n g c lie n ts w it h t h is . A re t h e re q u e st io n s o n a n y o f th is ? K e y m e ss a g e s fr o m t h is s e ct io n : F in a n ci a l e x cl u si o n is a t e rm t h a t is c o m m o n ly d e fi n e d a s b e in g e x cl u d e d f ro m fi n a n ci a l g o o d s a n d s e rv ic e s. H o w e v e r, t h e im p a ct t h is e x cl u si o n c a n h a v e g o e s b e y o n d t h e f in a n ci a l t o f o rm a p a rt o f w id e r so ci a l e x cl u si o n . F in a n ci a l e x cl u si o n is a s ta te , n o t a t ra it . P e o p le m a y m o v e in to b e co m in g fi n a n ci a ll y e x cl u d e d a n d m a y m o v e o u t o f b e in g f in a n ci a ll y e x cl u d e d . B a rr ie rs t h a t e x cl u d e a n in d iv id u a l m a y b e t h o u g h t o f a s e x is ti n g e it h e r o n t h e ‘s u p p ly ’ s id e o r th e ‘d e m a n d ’ s id e . M a n y ‘d e m a n d s id e ’ o b st a cl e s ca n b e t h e r e su lt o f lo w s k il l, k n o w le d g e , m o ti v a ti o n a n d /o r co n fi d e n ce le v e ls . A n in te rm e d ia ry ’s w o rk o ft e n f o cu se s o n a ss is ti n g c li e n ts w it h t h is .
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Topic 1:

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Topic 1:

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Topic 2

Financial capability

Financial capability consists of the skills, knowledge and confidence

to manage money and use financial products effectively.

The FSA is leading on a national project to help improve people’s

levels of financial capability. Anybody can struggle with this – it is not

restricted to those who may face financial exclusion.

Basic literacy and numeracy skills can impact on financial capability.

When considering how to assist somebody with their financial

capability, where relevant these skills should be considered.

The Adult Financial Capability Framework has been devised to help

people consider what constitutes being financially capable. While

helping others it is important to ensure we recognize where we

ourselves may have skill gaps.

Session length:

40 minutes (50 with optional extra activity)

NB: when training is delivered in a single day a 20 minute break is

recommended at the end of this session

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W h at d o y o u u n d e rs ta n d b y fi n an ci al c a p a b ili ty ? A ft e r d is cu ss in g t h is , s h o w t h e ‘t e x tb o o k ’ d e fi n it io n o n s lid e 1 0 . T h is n o t o n ly e n co m p as se s sk ill s an d kn o w le d g e b u t al so in vo lv e s th e c o n fi d e n ce /m o ti va ti o n t o p u t th e se in to a ct io n . S h o w s lid e 1 1 . T h e F in an ci al S e rv ic e s A u th o ri ty ( F S A ) is c u rr e n tl y le ad in g o n a N at io n al S tr at e g y fo r F in an ci al C a p a b ili ty . In d o in g t h is t h ey c o n d u ct e d a b as e lin e s u rv ey t o g au g e c u rr e n t le ve ls o f fi n an ci al ca p a b il it y in t h e U K . Fu rt h e r in fo rm a ti o n o n t h is c a n b e o b ta in e d f ro m t h e F S A w e b si te . Y o u c a n d o w n lo ad t h e ir la te st n ew sl e tt e r to f in d o u t w h at is c u rr e n tl y h a p p e n in g . F S A s u rv ey h ig h lig h te d f o u r m ai n t h e m e s:

La rg e n u m b e rs o f p e o p le f ro m a ll se ct io n s o f so ci e ty a re n o t ta ki n g b as ic s te p s to p la n a h e ad .

T h e p ro b le m o f o ve r-in d e b te d n e ss is n o t th at it a ff e ct s a la rg e p ro p o rt io n o f th e p o p u la ti o n , b u t th at w h e n it s tr ik e s it is o ft e n s ev e re , a n d t h at m o re p e o p le m ay f in d t h e m se lv e s in t ro u b le in a n e co n o m ic d o w n tu rn .

M a n y p e o p le a re t a k in g o n f in a n ci a l ri sk s w it h o u t re a li si n g i t, b e ca u se t h e y st ru g g le t o c h o o se p ro d u ct s th at t ru ly m e e t th e ir n e e d s.

T h e u n d e r-4 0 s, o n w h o m s o m e o f th e g re at e st d e m an d s ar e n o w p la ce d , ar e t yp ic al ly m u ch le ss fi n an ci al ly c a p a b le t h an t h e ir e ld e rs . In tr o d u ce t h e g ra p h s ‘F in an ci al C a p a b ili ty in t h e U K : E st a b lis h in g a B as e lin e’ o n s lid e s 1 2 -1 5 -P la n n in g a h e ad -C h o o si n g a p p ro p ri at e p ro d u ct s -S ta yi n g in fo rm e d -M ak in g e n d s m e e t D is cu ss t h e im p lic at io n s o f th e s h a p e s o f th e g ra p h s fo r th e w o rk o f th e p ar ti ci p an ts .

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s 0 :5 0 4 0 m in s (6 0 m in s w it h e x tr as ) 1 0 m in s 1 0 m in s S li d e 1 6 In fo rm a ti o n le a fl e t In b ri e f: F in a n ci a l C a p a b il it y S li d e 1 7 S li d e 1 8 B ri d g in g t h e G a p D V D P a rt 1 S li d e 1 9 C o p ie s o f A F C a F

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W h e re w o u ld y o u p la ce y o u rs e lv e s? W h e re w o u ld y o u p la ce y o u r cl ie n ts ? H a v e y o u a n y re ce n t e x p e ri e n ce s w h e re y o u o r a c li e n t h a d t o p la n a h e a d /c h o o se a n a p p ro p ri a te p ro d u ct /s ta y in fo rm e d /m ak e e n d s m e e t? T h e F S A h as d ev is e d a s tr at e g y fo r im p ro v in g f in an ci al c a p a b ili ty . S lid e 1 6 s h o w s th e ir s ev e n p ri o ri ty ar e as , w h ic h r e fl e ct t h e t h in ki n g t h at in te rv e n ti o n a t ke y m o m e n ts in li fe is t h e m o st e ff e ct iv e . In fo rm a ti o n l e a fl e t ‘I n b ri e f: F in a n ci a l C a p a b il it y ’ i s a s u m m a ry o f F in a n ci a l C a p a b il it y p ro d u ce d b y Tr an sa ct , t h e n at io n al f o ru m f o r fi n an ci al in cl u si o n , a n d t h e R e so lu ti o n F o u n d at io n . T h e b u lle ts o n s lid e 1 7 il lu st ra te t h e e ff e ct o f p o o r fi n an ci al s ki lls . G iv e e x am p le s o f th e se t o il lu st ra te . S lid e 1 8 s h o w s th at t h er e is a li n k b et w ee n li te ra cy , l an g u ag e an d n u m er ac y sk ill s an d f in an ci al c ap ab ili ty . H o w e v e r, n o t a ll p e o p le w h o s tr u g g le w it h l it e ra cy , la n g u a g e o r n u m e ra cy w il l n e ce ss a ri ly h a v e d if fi cu lt ie s m an ag in g t h ei r fi n an ce s an d t h e co n ve rs e. A d F LA G a re t h e A d u lt F in an ci al L it er ac y A d v is o ry G ro u p . D o a n y o f th e se is su e s a p p ly t o y o u r cl ie n ts ? If y o u h a v e m o re t im e , ‘B ri d g in g t h e G a p ’ D V D w as p ro d u ce d w it h b an ks a n d b u ild in g s o ci et y fo r th ei r fr o n t o f h o u se s ta ff t o h ig h lig h t fi n an ci al li te ra cy is su e s an d t h e li n k to li te ra cy a n d n u m e ra cy s ki lls . W at ch p ar t 1 f ro m B ri d g in g t h e G a p D V D t o r e -e n fo rc e li n k b e tw e e n S ki lls f o r Li fe n e e d s an d f in an ci al lit e ra cy . D o e s an yo n e h av e a n y fe e d b ac k? H o w d o w e d e ci d e w h at c o n st it u te s b e in g f in an ci al ly c a p a b le ? O n e w ay o f b re a k in g t h is d o w n i s to u se t h e A d u lt F in a n ci a l C a p a b il it y Fr a m e w o rk ( A F C a F ). T h is i s in tr o d u ce d o n s lid e 1 9 . G iv e o u t A FC aF ( if a va ila b le )

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1 0 m in u te s H a n d o u t 3 : A d u lt F in a n ci a l C a p a b il it y F ra m e w o rk a n in tr o d u ct io n S li d e 2 0 S li d e 2 1 S li d e 2 2 G iv e o u t H an d o u t 3 a n d t al k th o u g h t h e A d u lt F in an ci al C a p a b ili ty F ra m ew o rk T h e A d u lt F in a n ci a l C a p a b il it y Fr a m e w o rk i s a d o cu m e n t w h ic h c o v e rs a b ro a d r a n g e o f m o n e y m an ag e m e n t an d c o n su m e r is su e s. It is f o r al l t h o se in vo lv e d in f in an ci al c a p a b ili ty e d u ca ti o n in cl u d in g m o n e y a d v is e rs , te a ch e rs , tr a in e rs a n d h e lp e rs i n te re st e d i n i m p ro v in g f in a n ci a l ca p a b il it y sk il ls , kn o w le d g e a n d u n d e rs ta n d in g A F C a F p p 1 3 – T h e c o d in g s ys te m c o n st it u te s o f a c o m p o n e n t, a l e v e l o f u n d e rs ta n d in g a n d t h e n a n u m b e r, w h ic h c o rr e la te s to a s ki ll. G o t h ro u g h e x am p le o n S lid e 2 0 . H ig h lig h t th e im p o rt an ce o f e n su ri n g o w n s ki lls a re u p -t o -d at e a s in va ri a b ly w e a ll h av e s ki lls g a p s. S ig n p o st t o r e so u rc e s fo r b u ild in g F in an ci al C a p a b ili ty o n s lid e 2 1 If y o u h a v e m o re t im e , c an y o u id en ti fy f ro m t h e su m m ar y o f th e A d u lt F in an ci al C a p a b ili ty F ra m ew o rk (p ag e 1 3 ) th e sk ill s, k n o w le d g e, u n d er st an d in g a n d f in an ci al re sp o n si b ili ty t h at c lie n ts n ee d t o o p en a n d u se a b an k ac co u n t? C o m p ar e t h e ir f in d in g s w it h s lid e 2 2 . R e m in d p a rt ic ip a n ts o f u n d e rp in n in g l it e ra cy a n d n u m e ra cy s k il ls n e e d e d i n r e la ti o n t o t h e f in a n ci a l ca p a b ili ty s ki lls . A re t h e re q u e st io n s o n a n y o f th is ? K e y m e ss a g e s to t a k e f ro m t h is s e ct io n : F in a n ci a l c a p a b il it y c o n si st s o f th e s k il ls , k n o w le d g e a n d c o n fi d e n ce t o m a n a g e m o n ey a n d u se f in a n ci a l p ro d u ct s e ff e ct iv e ly . T h e F SA is le a d in g o n a n at io n a l p ro je ct t o h el p im p ro v e p eo p le ’s le v el s o f fi n a n ci a l c a p a b ili ty . A n y b o d y c a n s tr u g g le w it h t h is it i s n o t re st ri ct e d t o t h o se w h o m a y f a ce f in a n ci a l e x cl u si o n . B a si c li te ra cy a n d n u m e ra cy s k il ls c a n im p a ct o n f in a n ci a l c a p a b il it y. W h e n c o n si d e ri n g h o w to a ss is t so m e b o d y w it h t h e ir f in a n ci a l ca p a b il it y, w h e re r e le v a n t th e se s k il ls s h o u ld b e co n si d e re d . T h e A d u lt F in a n ci a l C a p a b il it y F ra m ew o rk h a s b e e n d ev is e d t o h e lp p e o p le c o n si d e r w h a t co n st it u te s b e in g f in a n ci a ll y c a p a b le . W h il e h e lp in g o th e rs i t is i m p o rt a n t to e n su re w e re co g n iz e w h e re w e o u rs e lv e s m ay h av e s k il l g a p s.

Topic 2

Training Session Plan

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PowerPoint slides

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PowerPoint slides

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Topic 3

Types of accounts

There are different types of account options available to clients,

which vary in the functions they have available and therefore their

suitability for different clients

You can help ensure your clients are equipped with the relevant

knowledge to make an informed decision about the account

suitable for them, but you must be careful not to offer specific

advice.

Session length:

45 minutes (60 with extras)

NB: when training is delivered in a single day a 60 minute break for lunch

is recommended at the end of this session

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s 1 :5 0 2 :2 0 4 5 m in s 6 0 m in s S li d e 2 3 F li p ch a rt , p a p e r, p e n s H a n d o u t 4 : T y p e s a n d Fe a tu re s o f A cc o u n ts ‘F in a n ci a l F ri n g e ’ p a y m e n t m e th o d s le a fl e t H a n d o u t 5 : I n fo rm e d C h o ic e D is cu ss io n S li d e 2 4 -2 7 F S A J u st t h e F a ct s le a fl e ts : B a si c B a n k A cc o u n ts a n d C re d it U n io n s

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W h at t yp e o f ac co u n ts c an b e u se d f o r d ay t o d ay t ra n sa ct io n s? S h o w s lid e 2 3 . T h e f o llo w in g t yp e s o f ac co u n ts a re a va ila b le f o r d ir e ct p ay m e n t o f b e n e fi ts a n d s o m e ca n h av e w ag e s p ai d in : C u rr e n t ac co u n t B as ic b an k ac co u n t P o st O ff ic e c ar d a cc o u n t (P O ca ) C re d it U n io n a cc o u n t S o m e s a v in g s a cc o u n ts c a n a ls o b e u se d t o r e ce iv e e le ct ro n ic p a ym e n ts i f n e ce ss a ry , b u t th e fu n ct io n al it y o n t h e se v ar ie s, a n d is n o t co ve re d b y th is t ra in in g . A sk t h e g ro u p t o g iv e f e at u re s fo r cu rr e n t ac co u n ts ( th e se a re li st e d o n H an d o u t 4 it m ay b e h e lp fu l to s ta rt w it h f u n ct io n s th at r e la te t o ‘ m a ki n g a n d r e ce iv in g p ay m e n ts ’, a n d t h e n ‘o th e r fu n ct io n s’ ). W ri te t h e se o n a f lip ch a rt a n d e n su re u n d e rs ta n d in g o f te rm s (s u ch a s ‘d ir e ct , d e b it ’ a n d ‘ st a n d in g o rd e r) , t h e n c o m p ar e o th e r p ro d u ct s ag ai n st t h is . G iv e o u t H an d o u t 4 w it h li st o f fe at u re s co m p le te , an d ‘f in an ci al f ri n g e’ p ay m e n t m e th o d le af le t w it h a d e sc ri p ti o n o f so m e o f th e t e rm s u se d a n d p o in t to g lo ss ar y in P F H ( p 3 2 3 ) fo r re fe re n ce . F o r m o re in fo rm at io n o n c re d it u n io n s th e F S A le af le t ‘J u st t h e Fa ct s a b o u t cr e d it u n io n s’ c an b e h an d e d o u t. W o rk in g in p ai rs , n o te d o w n o n H an d o u t 4 t h e a d va n ta g e s an d d is ad va n ta g e s o f u si n g t h e d if fe re n t ty p e s o f ac co u n ts Fe e d b ac k in p le n ar y. G o t h ro u g h ‘ In fo rm e d C h o ic e D is cu ss io n ’ s lid e s. T h is p ro ce ss i s d e si g n e d t o h e lp i n d iv id u al s id e n ti fy w h ic h a cc o u n t m ig h t b e m o st a p p ro p ri at e w it h o u t g iv in g a d v ic e . G iv e o u t H an d o u t 5 . p p 4 -5 o f th e re vi se d F SA le af le t ‘J u st t h e Fa ct s ab o u t B as ic B an k A cc o u n ts ( 2 0 0 8 )’ c an b e u se d t o m o d el th e in fo rm e d c h o ic e d is cu ss io n a lo n g si d e a c as e s tu d y, s h o w in g h o w y o u c o u ld h e lp a c lie n t ch o o se a B as ic B an k A cc o u n t b y co m p ar in g t h e p ro d u ct s w it h t h e ir p ri o ri ti e s an d c ir cu m st an ce s.
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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s 1 5 m in s F S A T o p t ip s le a fl e t H a n d o u t 6 : D e ci si o n m a k in g g a m e

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E n su re t h a t d e le g a te s a re a w a re o f th e d if fe re n ce b e tw e e n g e n e ri c fi n a n ci a l a d v ic e , a n d t h e s o rt o f p ro d u ct -s p e ci fi c fi n an ci al a d v ic e t h at a n I FA m ig h t o ff e r. T h e F S A le af le t ‘T o p T ip s’ g iv e s g u id an ce o n w h at y o u c an a n d c an ’t d o in t e rm s o f g iv in g g u id an ce o n m o n ey m at te rs . In te rm e d ia ri e s ar e h e re t o a n sw e r q u e st io n s an d t o p ro v id e a s m u ch in fo rm at io n a s p o ss ib le , t o e n a b le cl ie n ts t o m ak e t h e ir o w n in fo rm e d c h o ic e , n o t to a d v is e t h e m t o t ak e a s p e ci fi c p ro d u ct f ro m a s p e ci fi c p ro v id e r. R e so u rc e s su ch a s th e c o m p ar is o n t a b le s in t h e F S A g u id e , m a p s o f th e lo ca l a re a , e tc , c an b e ve ry h e lp fu l i n t h is . If y o u h a v e m o re t im e g iv e o u t H an d o u t 6 A sk t h e d e le g at e s to g e t in to g ro u p s o f 3 o r 4 , a n d i n tr o d u ce t h e d if fe re n t sc e n a ri o s in t h e D e ci si o n M ak in g G am e . E ac h g ro u p is t o t ak e a s ce n ar io a n d d e ci d e w h ic h a cc o u n t w o u ld b e m o st r e le va n t. A ft e r 1 0 m in u te s e ac h g ro u p t o f e e d b ac k o n w h y th ey c h o se t h e a cc o u n t th ey d id a n d w h y th e o th e rs w e re le ss s u it a b le . M ak e s u g g e st io n s fo r p o ss ib le c o u rs e s o f ac ti o n , b u t e m p h as is e t h at t h e re i s o ft e n n o ‘ ri g h t’ a n sw e r, ra th e r ju st a s e ri e s o f ‘b e st -w o rs t’ s o lu ti o n s! A re t h e re a n y q u e st io n s o n t h is ?

Topic 3

Training Session Plan

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PowerPoint slides

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Topic 4

Opening accounts and

potential barriers

There are several potential barriers a client may face in opening an

account and different ways in which clients can be supported to

overcome these.

On account opening both banks and customers enter into a contract

in which they both have rights and responsibilities to each other.

Session length:

60 minutes

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s 3 :3 5 4 :2 0 6 0 m in u te s S li d e 2 8 P o st -i t n o te s F li p ch a rt , p a p e r, p e n s H a n d o u t 7 : O p e n in g A cc o u n ts F lo w ch a rt s S li d e 2 9

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Training session plan

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3 :3 5 4 :2 0 6 0 m in u te s w w w .m a k in g -m o n e y -e a si e r. in fo G u id e t o F in a n ci a l C a p a b il it y f o r S o ci a l H o u si n g T e n a n ts C re d it E x p la in e d B a n k A cc o u n ts t o p ic in M o n e y m a tt e rs to m e G u id e p 6 5 -7 2 S li d e 3 0 B a n k in g C o d e Le ad t h e d is cu ss io n o n p o te n ti al w ay s o f o ve rc o m in g t h e se . W ri te id e as d o w n o n t h e f lip ch ar t. S u g g e st t h at s o m e r e so u rc e s ca n h e lp t h e m in o ve rc o m in g b ar ri e rs . G iv e t h e p ar ti ci p an ts t im e t o lo o k th ro u g h t h e r e so u rc e s:

B an k A cc o u n ts t o p ic in M o n ey m at te rs to m e G u id e – am o n g o th er s u g g es ti o n s, t h is p ro p o se s a ro le p la y as b e in g a u se fu l w ay o f p ra ct ic in g o p e n in g a b an k ac co u n t.

B as ic B an k A cc o u n t se ct io n o f th e Fi n an ci al P ro d u ct s R es o u rc e P ac k – O b ta in in g s am p le f o rm s fr o m lo ca l b a n ks w il l le t cl ie n ts p ra ct ic e f il lin g i n f o rm s, m a ke t h e m a w a re o f th e i m p o rt a n ce o f sm a ll p ri n t an d t h e ja rg o n u se d , a n d p re p ar e t h e m f o r th e t yp e s o f q u e st io n t h at w ill b e a sk e d . S am p le fo rm s ar e a va ila b le in t h e B as ic B an k A cc o u n t se ct io n o f th e F in an ci al P ro d u ct s R e so u rc e P ac k o r a ra n g e o f fo rm s fr o m lo ca l b an ks c o u ld b e u se d . S o m e b an ks w ill f ill t h e f o rm in e le ct ro n ic al ly a n d th e n p ri n t th e f o rm o ff t o b e s ig n e d .

C re d it E x p la in e d – D e ta ile d i n fo rm a ti o n o n c re d it r e fe re n ce s ca n b e f o u n d i n t h e b o o k le t C re d it E x p la in e d .

M ak in g M o n ey E as ie r – w w w .m ak in g -m o n ey -e as ie r. in fo is f o r in d iv id u al s w h o h av e d if fi cu lt y w it h re ad in g a n d w ri ti n g a n d w h o w an t to o p e n a n a cc o u n t. In tr o d u ce s lid e 3 0 a n d t h e p u b lic at io n G u id e t o F in an ci al C a p a b ili ty f o r S o ci al H o u si n g T e n an ts , w it h it s se ct io n o n r ig h ts a n d r e sp o n si b ili ti e s – B a n k in g C o d e a n d s e cu ri ty s h o u ld b e h ig h lig h te d a t th is p o in t. R e fe r to M o n ey m at te rs to m e s e ct io n o n m ak in g c o m p la in ts a n d r ig h ts /r e sp o n si b ili ti e s. T h is c an h e lp w it h o ve rc o m in g b ar ri e rs t h at a ri se f ro m p ro ce d u re s n o t b e in g f o llo w e d c o rr e ct ly . A re t h e re a n y q u e st io n s o n t h is ?

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Training session plan

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ID and AV should not be a barrier to account opening. There is a long

list of documents that banks can accept and this list should be

requested if this is not made clear initially.

What is acceptable ID and AV to one bank or employee may not be

to another – if you are unsuccessful initially then ask to see

somebody else or try visiting a different bank or bank branch.

Session length:

20 minutes

NB: when done as a day a 15 minute break is recommended at the end

of this session

Topic 5

1dentity (1D) and Address

Verification (AV)

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W h y d o e s th e g ro u p t h in k th at b an ks r e q u ir e ID a n d A V ( d o e s ev e ry b o d y u n d e rs ta n d t h e t e rm s? ) Ta lk t h ro u g h s lid e 3 1 . U n d e r th e J o in t M o n e y L a u n d e ri n g S te e ri n g G ro u p g u id a n ce b a n k s a re r e q u ir e d t o c h e ck p ro o f o f id e n ti ty a n d a d d re ss t o e n su re a cc o u n ts a re n ’t b e in g o p e n e d f o r fr au d u le n t o r te rr o ri st u se . T h e re is n o le g is la ti o n t h at d ic ta te s e x ac tl y w h at d o cu m e n ts a re a cc e p ta b le a s p ro o f o f id e n ti ty a n d a d d re ss , a n d it i s u p t o i n d iv id u a l b a n k s to i n te rp re t th e F S A ’s g u id a n ce a n d t h a t o f th e J o in t M o n e y La u n d e ri n g S te e ri n g G ro u p ( JM LS G ). It is im p o rt an t to r e m e m b e r th at it is t h e p e rs o n al r e sp o n si b ili ty o f th e b an k e m p lo ye e w h o a cc e p ts t h e ID t o c h e ck t h at it is a cc e p ta b le . In tr o d u ce t h e c o n ce p t o f sh o rt ID a n d A V li st s an d lo n g ID a n d A V li st s. O ft e n b an ks w ill o n ly a d ve rt is e a ‘s h o rt li st ’ o f ac ce p ta b le ID w h ic h w ill t e n d t o b e d o cu m e n ts s u ch a s p as sp o rt s an d u ti lit y b ill s w h ic h c lie n ts m ay n o t b e a b le t o p ro vi d e. M o st b an ks w ill a ls o p ro vi d e a lo n g er lis t o f ac ce p ta b le d o cu m en ts w h ic h w ill in cl u d e th in g s lik e Le tt er s o f en ti tl em en t to D W P b en ef it , w h ic h m ay b e e as ie r to g e t h o ld o f. R e m e m b e r to a sk in t h e b ra n ch t o s e e t h e ir lo n g li st . I f a b an k e m p lo ye e is u n su re a s to w h at e x tr a d o cu m e n ts t h ey c an a cc e p t th e n a sk t o s e e s o m e b o d y e ls e . S h o w s lid e 3 2 – ID a n d A V s h o rt li st H o w m an y o f yo u r cl ie n ts c o u ld p ro v id e d o cu m e n ts f ro m t h is s h o rt li st ? S h o w s lid e 3 3 – ID a n d A V lo n g e r lis t H o w m an y o f yo u r cl ie n ts c o u ld p ro v id e d o cu m e n ts f ro m t h is lo n g e r lis t? H an d o u t H O 7 P ro o f o f Id e n ti ty . A sk p ar ti ci p an ts t o r e fe r to t h e ‘I D G u id e : H o w t o p ro ve y o u r id e n ti ty ’ to id e n ti fy a lt e rn at iv e t yp e s o f ev id e n ce t h at t h e ir c lie n ts m ig h t h av e .

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Topic 5

Training session plan

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s S li d e 3 4

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T h e in fo rm at io n is p o te n ti al ly s u b je ct t o c h an g e b o th m o n th t o m o n th , a n d b ra n ch t o b ra n ch ( as w e ll as b an k to b an k, o f co u rs e) . Y o u c an c a p tu re in fo rm at io n a b o u t w h at lo ca l b an ks a cc ep t o n t h e te m p la te g ri d o n H an d o u t 8 . R e m e m b e r th at d if fe re n t in d iv id u al s w it h in d if fe re n t b ra n ch e s o f d if fe re n t b an ks m ay b e w ill in g t o a cc e p t d if fe re n t d o cu m e n ta ti o n , a n d s o m e b ra n ch m a n a g e rs h av e d is cr e ti o n , w h e re a s o th e r b a n k s w il l u se a ce n tr al p ro ce ss in g t e am t o m ak e d e ci si o n s. In tr o d u ce s lid e 3 4 o n im p ro v in g w e ak ID a n d A V . G o t h ro u g h t h e p o in ts . If I D a n d A V i s st ill a n o b st ac le t h e n o n e w ay o f o ve rc o m in g t h is i s to f o rm lo ca l a rr an g e m e n ts b e tw e e n in te rm e d ia ri e s an d b an k b ra n ch e s. T h is w ill b e lo o ke d a t in t h e n e x t se ct io n . A re t h e re a n y q u e st io n s o n t h is ?

Topic 5

Training session plan

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Topic 5:

PowerPoint slides

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Topic 6

Working with local

financial institutions

It is a useful exercise to scope your local financial institutions to

ensure you know where they are, how they can be contacted, and to

keep any notes on past experiences.

Building relationships with local bank branches is a great way to

ensure your clients’ needs are met by that branch. Most (but not all)

managers will respond positively to you if you approach them in a

professional manner.

Session length:

20 minutes

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s 5 :1 0 5 :5 5 2 0 m in u te s In te rn e t re so u rc e -M a p p in g t h e lo ca l fi n a n ci a l i n st it u ti o n s (y o u w il l n e e d t o c re a te th is y o u rs e lf v ia G o o g le m a p s) S li d e 3 5 a n d 3 6

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It is im p o rt an t to e n su re t h at y o u a re a w ar e o f w h e re y o u r lo ca l b an k b ra n ch e s ar e a s w e ll as a d d it io n al in fo rm at io n s u ch a s lo ca l ca sh m a ch in e s/ cr e d it u n io n s/ p o st o ff ic e s. O n e w ay t o m a p t h e se i s to u se G o o g le M a p s (h tt p :/ /m a p s. g o o g le .c o .u k/ ). T h is a ls o a llo w s yo u t o k ee p u p t o d at e co n ta ct in fo rm at io n an d a n y o th e r n o te s o n p re v io u s v is it s. T h is c an a ls o b e h e lp fu l t o c lie n ts d u ri n g t h e a cc o u n t d e ci si o n m ak in g p ro ce ss . If p o ss ib le , d e m o n st ra te h o w G o o g le M a p s ca n b e u se d t o c o n d u ct a b an k sc o p in g e xe rc is e . D o e s an yo n e a lr e ad y h av e a c o n n e ct io n w it h a lo ca l b an k? D is cu ss a n y e x am p le s th e g ro u p m ay h av e , h o w t h ey w e re e st a b lis h e d a n d h o w t h ey w o rk . W h at a re t h e b en ef it s o f h av in g a c o n n ec ti o n w it h a lo ca l b an k? ( R em em b er , b en ef it s m ay b e to y o u a n d yo u r cl ie n ts o r to t h e b an k) B e n e fi ts t o t h e in d iv id u al /i n te rm e d ia ry in cl u d e :

U n d e rs ta n d in g ID /A V n e e d s

B u ild in g a s p e ci al r e la ti o n sh ip

A rr an g in g a p p o in tm e n ts /r e fe rr al s sy st e m s

Jo in t w o rk in t h e c o m m u n it y

P ro v id in g a s e rv ic e , a n d a n sw e ri n g q u e st io n s (t h e b an ks )

Id e n ti fy in g b ra n ch is su e s an d u n d e rs ta n d in g t h e ir t ar g e ts B e n e fi ts t o t h e b an k in cl u d e :

Jo in t w o rk in t h e c o m m u n it y

B e tt e r u n d e rs ta n d in g o f lo ca l c o m m u n it y an d d if fe re n t cl ie n t g ro u p s

V o lu n te e ri n g o p p o rt u n it ie s

A n im p ro ve d s e rv ic e

Topic 6

Training session plan

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s S li d e 3 7

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D o e s an yo n e h av e a n y su g g e st io n s as t o h o w t h e se c an b e e st a b lis h e d ? Ta lk t h ro u g h t h e f o llo w in g s te p s in w o rk in g w it h lo ca l f in an ci al in st it u ti o n s:

Id en ti fy t h e lo ca l b ra n ch es o f b an ks , b u ild in g s o ci et ie s, P o st O ff ic es , C re d it U n io n s an d A T M s (f re e an d ch ar g in g ). Y o u c an r e co rd d e ta ils o f lo ca l I D a n d A V r e q u ir e m e n ts o n H O 9

V is it b ra n ch e s at a q u ie t ti m e .

N e e d t o c o m e a cr o ss a s a p ro fe ss io n al , e .g . d re ss , b ad g e , s am p le p a p e rw o rk

B e c o n st ru ct iv e

G at h e r a ra n g e o f m at e ri al f ro m e ac h o f th e lo ca l b ra n ch e s.

A rr an g e t o m e e t th e lo ca l b ra n ch m an ag e rs t o o u tl in e t h e w o rk y o u d o . R e m e m b e r, y o u r a b ili ty t o f o rm a r e la ti o n sh ip w it h a lo ca l b ra n ch w ill a lw ay s d e p e n d o n t h e m an ag e r in th at b ra n ch . S o m e m ay b e m o re r e ce p ti ve t o y o u t h a n o th e rs . I f yo u h av e a b a d e x p e ri e n ce w it h o n e b ra n ch t h e n d o n ’t le t th at p u t yo u o ff a p p ro ac h in g o th e rs . A re t h e re a n y q u e st io n s o n t h is ?

Topic 6

Training session plan

(37)

Topic 6:

PowerPoint slides

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Topic 7

Supporting clients in

managing accounts

Clients may well require additional support from you in managing

their accounts and the resources to help you do this are available.

Clients should also be aware that if they are experiencing specific

problems with an aspect of their banking then they can approach

their banks with this and they may be able to offer additional

assistance.

Session length:

45 minutes (including 15 minute wrap-up)

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T im e E la p s e d D u r a t io n o f s e c t io n A c t io n s Q u e s t io n s N o t e s R e s o u r c e s 5 :3 0 6 :1 5 3 0 m in u te s S li d e 3 8 H a n d o u t 9 : M a n a g in g A cc o u n ts M o n e y P o w e r C D R o m w w w .m on ey m at te rs to m e. co .u k M o n e y -g o -R o u n d C D R o m C o lo ss a l C a rd s P er so n al F in an ce H an d b o o k G u id e t o F in a n ci a l C a p a b il it y f o r S o ci a l H o u si n g T e n a n ts F in a n ci a l P ro d u ct s R e so u rc e P a ck

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References

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