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Financial services refer to all the economic activities undertaken by financial institutions such as banks, credit card companies and mortgage companies. Financial services are also the main economic services offered by the financial sector, which includes all the various financial institutions that deal with money, such as banks, credit card firms, mortgage companies and credit-card firms. The main activities related to financial services include loan taking, investment, insurance, leasing, creation and structuring of portfolios, collection of payments, management of funds, investment in securities, exchange rate management, risk management and the preparation and implementation of policies related to the financial sector. There are various other activities in this field as well.

The financial services industry has become very competitive these days. It is facing intense competition on the global scale because of the development of various sophisticated financial products like derivatives, foreign exchange, financial investing, and other financial products. It has also faced stiff competition in the United States in the forex market because the country has become one of the largest consumers of foreign currency. Hence, if you are looking to break into this competitive field, you should have strong interpersonal skills, good analytical skills, and a proper knowledge about money, finance , and economics.

The major financial services industries offer a wide range of financial products. These products are broadly categorized into three main sections namely, savings and investment, commercial banking, and investment and pension. Let us discuss briefly the three segments of this massive industry: savings and investment, commercial banking, and pension.

Savings and investment are a huge part of the whole financial services sector. Banks and other financial institutions offer a wide range of financial products such as saving accounts, certificate of deposit, high yield savings accounts, money market mutual funds, and so on. In order to ensure maximum safety for their customers, financial institutions have to follow some strict regulations and rules. Among the regulations and rules that financial institutions have to follow are those related to the interest rate, interest income, deposit insurance premium, credit insurance premium, and loan insurance premium. A financial institution can either be a broker or a bank.

Commercial banks are the major players in the financial services industry. They offer a wide variety of financial products and also act as money market brokers. Under the regulations apply, a commercial bank is required to maintain certain minimum deposits. The minimum deposit amount varies from bank to bank. A few banks that operate in a foreign currency also have to follow some foreign exchange market regulations.

Investment and pension planning is another area that requires specialization. Financial advisors play an important role in providing investment and pension planning services. A financial advisor provides advice and recommendations to the company or organization and also plays an active role in the investments of the company. Generally, these advisors are registered investment advisors. A financial advisor also acts as a consultant and helps the management to make decisions related to funds, options, pension plans and investment strategy.

Insurance is one of the major financial services regulations applied in the United States. According to the regulations, all insurance companies must register with the SEC. Also, according to the regulations, only the principal and the interest of the insurance company can be the shareholders.

Apart from being registered, the major financial services regulation law stipulates that these institutions must be regulated by government bodies. Financial regulation attorneys are responsible for ensuring that the financial institutions are following the rules of the law. They help the public and the investors in general.

The major service regulations apply to bank affiliates as well as brokers. According to the law, the bank affiliates cannot do anything that will benefit the clients of the banks, but they can discuss the accounts of the clients with the banks only. Also, only registered agents can conduct financial transactions. Other than that, they cannot engage in any financial transactions on their own behalf without prior permission from the registered agent.

Apart from that, only registered representatives of the bank can give advice to the clients of the bank. They can present reports and statements to the clients or give tips to manage the finance . However, financial services lawyers help out finance department of a company or a financial institution. Before giving legal advice, these attorneys perform a thorough research on the particular case at hand.

For instance, when a corporation wants to purchase shares, the partners should take opinions from financial services regulation lawyers before taking the decision. If a bank is involved in an auto accident, the insurance company also hires financial services regulators. There are many other examples where attorneys can be hired to help a client get out of debt or improve their business. Hence, it is important for every citizen to keep themselves updated with the latest news in the economy.