FINANACIAL SERVICES FINANCIAL SYSTEM It deals abt various financial institutions, with their financial services, financial markets which enable individual . echecs16.info: Financial Services (Seventh Edition): The seventh edition of this leading textbook on Financial Services is aimed at reflecting the current. d Financial Services m y Khan Ppts Ch 1 Nbfc echecs16.info - Download as Powerpoint Presentation .ppt), PDF File .pdf), Text File .txt) or view.
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Financial services by m y khan pdf. Tried java, saw it out of wack again. Make note of speed limits and street signs. Financial services by m y khan pdf. service. Financial industry as a whole, produces a wide range of services but all these services Khan, M.Y., Financial Services, Tata McGraw Hill, New Delhi. Management of Financial Services by Bhalla VK, Anmol publishing house. 2. Financial Services by Khan MY, Tata McGraw Hill. 3. Indian Financial System by .
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Housing Finance 9. Insurance Services and Products Venture Capital Financing Banking Products and Services Mutual Funds: Issue Management: Intermediaries Corporate Restructuring Bookseller Inventory Ask Seller a Question. Bibliographic Details Title: Financial Services Seventh Edition Publisher: Ltd Publication Date: Softcover Book Condition: New Edition: About this title Synopsis: All books are new.
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Previous 6 months Previous 1 month: Previous 3 months: Previous 12 months: Close Window. Mobile View: So the Argument from Liberty itself requires more than epistemic virtues. We counter with the observation that the epistemic worries themselves could be addressed in ways that need not involve internalizing the virtues.
For instance, consider the epistemic asymmetry that exists between customers and professionals in the financial sector, such that customers are often lacking in both the kind of financial literacy required to understand the products on offer to them and are often lacking in the appropriate kinds of information required to allow them to make a well-informed decision.
There are two obvious ways in which to address this problem. First, an attempt might be made to improve the financial literacy of customers potential as well as actual of financial services. Second, customers might be encouraged to get more and better advice. Of course, both these options might be taken together—improving the financial literacy of customers and offering them better financial advice. However, de Bruin assesses them as separate options.
And he argues that neither of these two alternative moves is adequate. First, considering moves to improve financial literacy, de Bruin : 72—73 cites a study showing that university students who had undergone a nineteen-hour financial literacy programme were more likely to download less comprehensive health insurance policies, thereby taking a higher risk.
He provides four considerations against treating the provision of financial advice as an adequate solution. First, trust in financial advisors has diminished Second, those most in need of financial advice are the least likely to download it 73— Fourth, although some evidence suggests that requiring customers to seek financial advice does improve financial outcomes , this may be through ancillary effects e.
On the contrary, I investigate the epistemic virtues leading people to acquire the knowledge and the vices that result in their failing to do so. Doing this suggests ways to strengthen financial literacy. But financial literacy is not always accompanied by epistemic virtue, nor does financial illiteracy imply epistemic vice by necessity.
As this passage indicates, de Bruin maintains that financial literacy and advice are distinct from epistemic virtue in this area, with financial literacy and advice being neither necessary nor sufficient for epistemic virtue. However, de Bruin also claims that one can fail to have financial literacy i. As a practical matter, however, we think that nowadays no one could be plausibly described as epistemically virtuous about financial matters if this person was almost completely illiterate about such matters.
Furthermore, and even more problematic for de Bruin, if financial literacy and advice were able to solve the problems, this independence would show that a move towards epistemic virtue was not necessary for addressing the problems here. The fact that financial literacy is difficult to improve certainly does not in itself militate against attempts to improve it.
Perhaps the attempt just needs more effort after all, lots of worthwhile goals are difficult to achieve. Second, the worry that those most in need of financial advice are least likely to download it speaks in favour of provision of free or very inexpensive advice, not in favour of no advice at all.
But in general if people ignore appropriate and appropriately given advice without good reason, then they have to shoulder the liability for their decisions; otherwise, personal responsibility is undermined. The combination of these options does not entail the acquisition or practice of full epistemic virtue by customers. Yet these options seem to us to be very valuable, especially in combination. Rejecting the Idea that an Appeal to Epistemic Virtue has Practical Application The correct understanding of the failings in the financial services sector during and after the crisis of — might well suggest practical ways to try to avoid problems in the future.
First, the proposal that customers should acquire the epistemic virtues needed to make wise choices themselves looks even more problematic in practice than the options de Bruin rejects.
For instance, products change and multiply, terminology mutates, advertising manipulates, and fashions swirl. In the context of such change and complexity, it is highly unlikely that sufficient epistemic virtue could be developed in nearly all customers of mortgages and other financial services to protect them from ruinous contracts.
Second, not all of the activities that contributed to the financial crisis could be explained by lack of epistemic virtue. The reluctance of CRAs to adjust the ratings of those products to reflect the value of the underlying assets in particular following an upward spiral in sub-prime mortgage defaults seems to have been the result of inherent conflicts of interest rather than a failure in epistemic virtue.
Finally, it is difficult to see how requiring professionals and consumers to acquire and exercise epistemic virtues could be sensibly mandated by regulatory statutes.
Financial regulation in the UK is focused fundamentally on duties, not on virtues. For regulations to bring about abstract and qualitative virtues such as love of knowledge, courage, temperance and humility would be difficult, unless these regulations were couched in terms of substantiate positive requirements in which case, one might think that it was these substantive requirements, rather than the appeal to epistemic virtue per se, which really mattered here.
For instance, the role of supplying credit between lenders and borrowers could be organized and enacted on an individual level, although obviously this would be less efficient than having the relationship mediated by a bank. We sharply disagree with the idea that the financial services industry does not occupy a special place. If every time someone needed an overdraft or a small business wanted credit they had to embark on an individual search for a personal creditor, this would be unstable and hugely inefficient and result in vastly less economic growth.
The same would be true of individuals with assets that could be lent and the search for trustworthy borrowers. De Bruin acknowledges these points, 33— In addition, the role of banks in further financial services such as providing custodial and management services to pension funds, holding government bonds is not something that could be easily devolved to individuals.
Furthermore, such services as providing safety of deposits and reasonable credit are pivotal to the functioning of productive, innovative, and efficient economies. The vast majority of people in developed economies benefit from having available the services provided by banks.
In this sense, as has been recognized elsewhere, the social role of the big banks seems more akin to that of the big utilities. The combination of these aspects of the big banks supports the idea that they have a special relationship with the societies to which they belong.
Because of this special relationship to society, big banks are granted special privileges such as government support in the form of deposit protection, etc. We should allow that there are emergent social goals for big banks, goals which relate to social goods, and which emerge because of the complex, reciprocal relationship that big banks have with society.
If this is correct, then we should ask how banks can more effectively serve their social goals. We agree with de Bruin that the pyramid model should be rejected. But our reasons are the opposite of his. We accept CSR. What we object to in the pyramid model is its tendency to generate a silo-mentality about CSR.
By this silo-mentality, we mean the presumption that the lower levels of the pyramid can be formulated and enacted without reference to any of the higher levels.
In contrast with the silo-model for CSR, a better model for CSR is one where the ethical dimension of decisions is integrated throughout the business.
We suggest that CSR in banks should be more like the pro bono work undertaken in the legal sector, where practitioners not only contribute their time or money to worthy causes but also utilize their professional skills for the wider good.
Rethinking the nature of CSR in the financial sector along these lines could provide a new way to ameliorate problems surrounding financial literacy and thus provide a way to address the problems of epistemic asymmetry that de Bruin rightly identifies in this area.
If banks helped to address the chronic lack of basic financial advice for those on the lowest income levels, this would help to restore and renew the social relationship for banks. Another practical step that might follow from reconceiving the relationship between banks and wider society concerns the nature of penalties for misbehaviour.
Currently the primary sanction for serious misbehaviour involves ever-increasing levels of financial penalty. Yet increased fines do not seem to be preventing scandals, and public trust continues to be strikingly low.
An alternative model, if the rules that govern banks were construed as ways to maintain social cohesion and to benefit all of society, would be to offer an alternative response to misbehaviour. Instead of a simple fine, firms should instead be required to pay for remedial exercises where staff are encouraged and enabled to reflect on the rules in place, exploring the reasons those rules exist and assessing the true cost to society of flouting them.
As AA DriveTech states: The National Speed Awareness Scheme aims to reduce the speed at which people drive by encouraging them to alter their attitudes towards excessive or inappropriate speed. Offered as an alternative to a speeding fine and penalty points, it helps drivers to gain a fuller understanding of why people drive above the speed limit and the true potential consequences of speeding. Although full research remains to be undertaken, the Parliamentary Advisory Council for Transport Safety takes speed awareness courses to have played a major role in this reduction see Speed and Safety: evidence from published data, Mitchell We suggest that similar moves should be considered to improve compliance with financial regulation.
Bank employees, at all levels, need to be reminded, especially when misbehaviour comes to light, why the rules exist and who and what suffers if they are broken. And bank employees need to be helped to improve their moral sensitivity. An improved moral sensitivity should help them in working through complex cases, where competing moral demands are operative, to arrive at the right decisions. Certainly, guided discussion in an atmosphere of cooperation and patience and careful reflection can improve the ability to identify moral issues, to structure relevant considerations, and to avoid fallacies in moral reasoning.
Conclusion There can be no guarantee that there will be no future financial crises. Some prudent steps have been taken by governments and regulatory bodies, such as 1 increasing the capital requirements on banks, 2 changes to the provision of bonuses, with greater clawback potential, and 3 the introduction in the UK of the Senior Managers Regime. Alas, very recently there have also been steps backwards and there remains, we suggest, significant work to be done on the culture within banks to prevent further problems.
People are also right to want to see evidence that banks take more seriously their commitment to the public good.