- Any organization whose core activity is to provide financial services or advice in relation to financial products. Financial institutions include state bodies, such as central banks, and private companies, such as banks, building societies, and financial markets. At one time there was a clear distinction and regulatory division between deposit-taking institutions, such as banks, and non-deposit-taking institutions, such as brokers. This is no longer the case; brokers and other companies now often invest funds for their clients with banks and in the money markets.
Accounting dictionary. 2014.
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