Characteristics Of Financial Products And Services
From Open Risk Manual
Definition
Characteristics Of Financial Products And Services. In the context of the Financial Competence Framework, Characteristics Of Financial Products And Services is a topic in the Financial Landscape subject matter domain.[1]
Competences
Mastering the role of Characteristics Of Financial Products And Services in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 476 | Aware of the different types of financial products and services available (including those delivered via digital means and those available only in specific regions or Member States) | Knowledge |
| 477 | Knows which features are the most important to consider when choosing financial products and services | Knowledge |
| 478 | Knows that financial services change over time | Knowledge |
| 479 | Knows that the financial product or service that is appropriate for an individual depends on a number of personal and household factors which may include economic, sustainability, or cultural preferences | Knowledge |
| 480 | That some financial products and services are designed to meet specific economic, sustainability, or cultural preferences | Knowledge |
| 481 | Accounts for personal preferences, including sustainability preferences when considering different financial products or services and their characteristics. | Skill |
| 482 | Actively seeks information on the important features of a financial product when making a choice | Skill |
| 483 | Uses comparison tools to evaluate the fees and other characteristics of financial products and services | Skill |
| 484 | Checks whether a financial product is covered by a guarantee before buying it | Skill |
| 485 | Periodically reassesses the suitability of financial products held | Skill |
| 486 | Takes into account the potential cost of redeeming financial products in the event of a change of circumstance | Skill |
| 487 | Demands high-quality financial products and services | Skill |
| 488 | Change providers in the event of poor service or non-competitive prices | Skill |
| 489 | Motivated to periodically re-assess satisfaction with the service provided and change financial service provider if relevant | Attitude |
| 490 | Confident to ask financial service providers questions about their products and services | Attitude |
| 491 | Confident to assess the level of trust that can be invested in a particular financial service provider | Attitude |
| 492 | Confident to negotiate terms with financial service providers when necessary | Attitude |
| 493 | Motivated to gain insight on how financial service providers define sustainability and integrate it in certain products and services offered | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
