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UK GCSE 2009 : Unit 3 Financial Services * Pilot Vocational, The Operation of the Financial Services Industry

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Centre Number 71 Candidate Number General Certificate of Secondary Education 2009 Unit 3: The Operation of the Financial Services Industry [GSF31] GSF31 Financial Services: Single Award THURSDAY 21 MAY, AFTERNOON TIME 1 hour. INSTRUCTIONS TO CANDIDATES Write your Centre Number and Candidate Number in the spaces provided at the top of this page. Write your answers in the spaces provided in this question paper. Answer all five questions. This paper is accompanied by a Case Study. You must not use your own annotated copy of this Case Study. INFORMATION FOR CANDIDATES The total mark for this paper is 100. Quality of written communication will be assessed in Section B, Q5(c). Electronic calculators may be used in this examination but all working of answers involving calculations must be shown. Figures in brackets printed down the right-hand side of pages indicate the marks awarded to each question or part question. ADVICE TO CANDIDATES You are recommended to study the mark allocation for each question and part question and to allocate your time accordingly. 3780 For Examiner s use only Question Number 1 2 3 4 5 Total Marks Marks BLANK PAGE 3780 2 [Turn over Section A Examiner Only Marks Remark Answer the two questions in this section. 1 Study the following two Pie Charts. You are required to answer all the questions that follow: (All data are rounded for ease of reference/calculations). Pie Chart 1: Employment Numbers by Industry Sector in Northern Ireland 3% Financial Services 13% Manufacturing 3% Other 5% Construction 76% Other Services (Source: adapted from www.intertradeireland.com/news/index.cfm/page/release/id/92/JOBSFORECASTFORFINANCIALSERVICES) (a) With reference to Pie Chart 1 (above): The percentage numbers of people employed within the Financial Services Industry in Northern Ireland were: (Circle your answer) a. 3% 3780 b. 76% c. 5% [1] 3 [Turn over Pie Chart 2: Estimated Percentage Share of Bank Branch Outlets in Northern Ireland Examiner Only Marks Remark Estimated Percentage Share of Bank Branch Outlets in Northern Ireland 15% Others 32% Northern Bank 21% First Trust Bank 32% Ulster Bank (Source: adapted from (i)http://www.aibgroup.com/servlet/ContentServer?pagename=AIB_PressOffice/Page/aib_po_d_article&c=AIB_Article&ci d=1004298255837&article=pstr&poSubSection=AS; (ii)http://www.ulsterbank.co.uk/ulster/ni/Group_Information/Corporate_Profile/Company_Factsheet/default.htm; (iii)http://www.ybonline.co.uk/0,,58677,0.html. (b) With reference to Pie Chart 2 (above): (i) Which of the following banks has the smallest number of branch outlets in Northern Ireland? (Circle your answer) a. Northern Bank b. Ulster Bank c. First Trust Bank [1] (ii) Which banks between them appeared to have the largest number of individual branch outlets in Northern Ireland? (Circle your answer) a. First Trust Bank and Ulster Bank b. First Trust Bank and Northern Bank c. Northern Bank and Ulster Bank 3780 [2] 4 [Turn over (c) Explain how the Financial Services Industry contributes to: Examiner Only Marks Remark (i) the growth of the UK economy. _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ ___________________________________________________ [4] (ii) the UK Balance of Payments. _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ _____________________________________________________ ___________________________________________________ [4] 3780 5 [Turn over 2 (a) Within the UK, Financial Services Institutions are required by law to have a complaints procedure in place. Outline two possible advantages to a financial services institution, of resolving complaints in a professional manner. Examiner Only Marks Remark 1. ________________________________________________________ __________________________________________________________ _______________________________________________________ [2] 2. ________________________________________________________ __________________________________________________________ _______________________________________________________ [2] (b) Explain, using examples, two different types of complaint about financial services that could be referred to the Financial Services Ombudsman. 1. ________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] 2. ________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] 3780 6 [Turn over (c) Explain the role of the Office of Fair Trading, in providing protection to consumers within the Financial Services Industry. Examiner Only Marks Remark __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [4] (d) Using two examples, explain how staff training could help reduce the number of complaints that may be made against a financial services provider. 1. ________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 2. ________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 3780 7 [Turn over (e) Briefly explain four main provisions of the Financial Services and Markets Act 2000. Examiner Only Marks Remark 1. _______________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [2] 2. _______________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [2] 3. _______________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [2] 4. _______________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [2] 3780 8 [Turn over BLANK PAGE (Questions continue overleaf) 3780 9 [Turn over Section B Examiner Only Marks Remark Answer all three questions in this section. Case Study Using the source material in the Case Study provided, and any other relevant material you have studied, answer the following questions in the spaces provided. 3 This question relates to the material in Sources 1, 2, 3 and 4 of the case study. (a) Explain one benefit and one drawback to Alistair s clients of using e-mail as a means of communication. Benefit: __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [2] Drawback: __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [2] 3780 10 [Turn over (b) Alistair Kennedy works from home. Explain two possible benefits to Alistair of using a High Street office instead. Examiner Only Marks Remark 1. ________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] 2. ________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] 3780 11 [Turn over 4 This question relates to the material in Sources 1, 2, 3 and 4 of the case study. Examiner Only Marks Remark (a) Alistair s business card indicates that he has obtained qualifications and membership of professional bodies related to financial services. Explain three reasons why it is important for a financial adviser to be professionally trained. 1. ________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] 2. ________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] 3780 12 [Turn over Examiner Only 3. ________________________________________________________ Marks Remark __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [3] (b) Explain what it means to segment the client base of a business. _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 3780 13 [Turn over (c) Explain four different ways in which Alistair could segment his client base. Examiner Only Marks Remark 1. ________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [2] 2. ________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [2] 3. ________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [2] 4. ________________________________________________________ __________________________________________________________ __________________________________________________________ _______________________________________________________ [2] 3780 14 [Turn over BLANK PAGE (Questions continue overleaf) 3780 15 [Turn over 5 This question relates to the material in Sources 1, 2, 3 and 4 of the case study. Examiner Only Marks Remark (a) Explain how Alistair promotes his business at present. _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [6] (b) Explain four reasons why it would be helpful for Alistair s business to have its own Internet website. 1. _______________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 3780 16 [Turn over Examiner Only 2. _______________________________________________________ Marks Remark _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 3. _______________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 4. _______________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _______________________________________________________ [3] 3780 17 [Turn over (c) Evaluate two additional methods, apart from the Internet, which Alistair can use to promote his business. Examiner Only Marks Remark __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ 3780 18 [Turn over Examiner Only __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ ______________________________________________________ [12] THIS IS THE END OF THE QUESTION PAPER 3780 19 Marks Remark Permission to reproduce all copyright material has been applied for. In some cases, efforts to contact copyright holders may have been unsuccessful and CCEA will be happy to rectify any omissions of acknowledgement in future if notified. S 9/07 937-001-1 [Turn over 1 2 3 4 5 6 General Certificate of Secondary Education 7 2009 8 Financial Services: Single Award 9 10 Case Study 11 for use with 12 Section B of Unit 3: The Operation of the Financial Services Industry 13 14 [GSF31] 15 THURSDAY 21 MAY, AFTERNOON 16 17 18 You must use this clean copy of the Case Study in the examination and not your own annotated 19 copy. 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 3780.02INS GSF31CSI Section B Case Study The Role of a Mortgage Adviser Source 1: Alistair Kennedy Mortgage Adviser Alistair Kennedy is a Mortgage Adviser, specialising in providing an advice and recommendation service for clients who require mortgages and protection products. One way in which Alistair is able to advertise his services to clients is through the use of a business card, which has been reproduced in Fig. 1 (Source 2). The following table is a summary of the various financial products about which Alistair provides advice to clients: Table 1 Mortgage Products Protection Products Residential mortgages Life cover Buy to let mortgages Critical illness cover Impaired credit mortgages Income protection cover Commercial loans Payment protection policies Secured loans Buildings/Contents insurance policies Alistair established his business in 1999. He is self-employed and uses a home-based office for administration purposes. He works flexible hours from Monday to Friday. This enables him to meet clients in their own homes, at mutually agreed locations or on their business premises. The following are some of the main means by which Alistair and his clients contact one another: a contact address telephone (office telephone and mobile telephone) e-mail referrals (from other professionals and/or word-of-mouth from existing clients) The business does not have a dedicated High Street office. 3780.02INS 2 [Turn over Source 2: The Business Card Fig. 1: Alistair Kennedy s Business Card Alistair s business has been successful and his client base has grown steadily over the last 10 years. This has enabled him to gain income from both fees and commission. Source 3: Types of Client Below is a summary of how Alistair could segment his potential client base: first-time buyers established home owners employed 3780.02INS 3 [Turn over Source 4: Meeting the Needs of Clients Alistair meets his clients needs in a number of ways. These include: the provision of whole of market mortgage advice to clients, covering a wider choice of mortgage products and providers than would be available from a bank or building society; the provision of advice and recommendations on protection products ; advice on the advantages and disadvantages of fixed rate or variable rate mortgages; submission of online application forms for a mortgage; and provision of a flexible service to clients meetings outside of normal office hours, at mutually agreed locations (e.g. home, business premises). Alistair is also keen to develop an Internet website in order to improve the level of service to clients. Source: produced by kind permission of Alistair Kennedy 937-001-2 [Turn over

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