Characteristics Of Financial Products And Services
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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