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Retail Banking Jargon Buster

CSO – ‘Customer Service Officer’. Effectively a sales person in a bank branch, a CSO helps customers and potential customers with their queries about their account, processes their transactions for them and sells the bank’s products and services to them.

FCA – Financial Conduct Authority. This is the industry regulator for financial services firms. Retail banking firms must uphold standards set out and monitored by the FCA in their practice.

POA – Power of attorney. In retail banking, this most commonly refers to the mandate which gives a third party access and control of an account.

Targets – Each bank branch will be set financial targets, usually by head office. Retail banks try to meet their targets by making money on the products they manage to sell.

AML – Anti Money Laundering. It’s really important for people at all levels of banking to understand and recognise the techniques criminals will use to gain benefit from the proceeds of their crimes.

KYC – ‘Know Your Customer’. This is a common mantra for professionals in retail banking.  Retail bankers try to gain a thorough understanding of their customers’ needs. This means they can offer the most relevant products. The best way of identifying money laundering is also to know the expected activity of customers so that unusual activity can be flagged up.

MA – This doesn’t represent an Arts Masters in this context! It’s an acronym that stands for ‘Mortgage Adviser’, a role that talks people through their options with their particular bank for obtaining and setting up payments for a mortgage.

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