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Topic 3 - Coggle Diagram

- - - - It protects consumers from dishonest providers
      - Increases sustainability and reduces the likelihood of a future financial crisis
      - gives people confidence to use financial system like banks
      - it requires providers to run their business with care and balance the liquid assets they have to deal with crisis
      - it requires providers to be informed abut and have knowledge about the products they are using such as the features or the costs involved
  - - - social exclusion can occur if the person does not have a permanent address or has a bad credit score because they may not be able to access products like a loan that can benefit that individual
      - financial inclusion is where everyone can - influence decisions, participate in community life, have equal access to products and facilities, can access the support and information they need to do all these things
      - financial exclusion may occur because
        
        have a physical or mental illness or disability;
        
        have poor basic skills (ie literacy and/or numeracy);
        
        live in a deprived urban area or a remote rural area;
        
        have a low income because they work in low-paid jobs;
        
        are not working because they have been unable to find work;
        
        are homeless or have no fixed address to give to an employer or a bank; and/or
        
        are (illegally) discriminated against on grounds of ethnicity, religion, gender, age
      - to combat this, on eof the policies was a basic bank account because som eof the claimants of benefits in 2003 did not have a bank account and could not access to claim their benefits
      - Ways t combat financial exclusion
        
        Range of products
        
        Provide information in various ways such as braille
        
        Money helper
        
        promote inclusion through education as being financially illirate can mean being financialy excluded
        
        barclays life skills programme
        
        the internet has dramatically reduced financial exclusion through the ability to access it e.g. diabled person now having access to onlin ebanking