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Glossary Check...

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Acceptance letter
Actuary
Annuity
Authorised person

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A person (or body) which carries on investment business having been granted authorisation to do so by the FCA or PRA.
Person who calculates life assurance premiums based on life expectation and investment returns.
Payment of regular amounts to an individual in exchange for a lump sum investment.
An offer of life assurance that sets out the terms.

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Interest payable gross
Interest payable net
Intermediary
Intestate
Investment trust
Limited liability company

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A company approved by HMRC that invests its shareholders’ funds in securities.
Dying without having made a valid will.
Interest paid out without any income tax deductions.
The middleman; an agent usually acting on behalf of their client.
If the company defaults, shareholders have no liability to creditors beyond any unpaid capital on their shares.
Interest paid out after deductions for income tax.

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Compound interest rate
Corporate body
Coupon
Decreasing term assurance
Endowment
Execution-only customer

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Life assurance contract where the sum assured is paid out at the end of a specified term or on earlier death of the life assured.
Life assurance for a fixed period where the sum assured reduces to nil over the term of the policy.
Such customers use a firm to conduct investment transactions, but not to give them advice on the suitability of the transactions.
A body, such as a company, which has a legal identity quite separate from that of its shareholders.
The interest earned on a deposit/investment is not withdrawn but reinvested along with the original deposit; interest is then earned on this new amount.
Refers to the fixed rate of interest earned on UK Government stock. It is expressed as an annual rate on £100 (nominal) of the stock.

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The Pensions Regulator (TPR)
Transferor
Trust
Trustee
Whole of life
With-profits

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Life policy where the sum assured is payable in full only on the death of the life assured.
One who transfers some or all of their property to another person.
Life assurance contract that benefits from additions to the basic sum assured from the life assurer’s surplus
The one who carries out the obligations of a trust.
The regulator of occupational pension schemes and personal pensions for employees.
An obligation to deal with property for the benefit of others.

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Bank of England
Bid price
Bonus
Collecting friendly society
Collective investment marketing firm
Collective investment schemes
Company limited by guarantee

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The central bank of the UK.
Investment trusts, OEICs, authorised unit trusts or unauthorised unit trusts.
The price at which an investor can sell a security or a unit in a unit trust.
A company without shareholders and with its financial liability restricted to a certain figure.
Firm marketing OEICs, investment trusts and unit trusts.
In life assurance, with-profits policies have interim and final bonuses added to the basic sum assured.
Mainly local societies collecting small premiums from the house for modest sums assured.

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FSMA
FT-Actuaries All Share Index
FT-Stock Exchange 100 Share Index
Gearing factor
Generic financial advice
Gilt-edged stock
Guaranteed minimum pension (GMP)

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An index based on about 750 shares quoted on the stock market.
Refers to the proportion of a company’s capital which is raised in the form of loans in relation to its equity shareholdings.
British Government and/or local authority stock.
Unregulated advice on topics such as mortgages, pensions and debt problems.
An index based on the performance (minute by minute) of 100 named shares representative of the larger companies in the market.
A minimum amount which an occupational pension used to have to provide before employees could be contracted out of the second tier of the State pension scheme.
Financial Services and Markets Act 2000.

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New State pension
NS&I
Offer price
PRA
Product bias
Retail Prices Index (RPI)

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Where a remuneration system is geared to induce an intermediary to sell a particular contract regardless of its suitability.
Successor to the basic State pension – payable to those retiring on or after 6 April 2016.
National Savings and Investments – the Government-run savings and investments provider.
Prudential Regulation Authority. A subsidiary to the Bank of England that has responsibility for prudential regulation of larger firms.
The price at which an investor can buy a security or unit in a unit trust.
A measure of inflation in terms of a sample of commodities which are weighted in significance.

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Managed funds
Material fact
Money laundering
Mortgage
Mortgagee
Mortgagor

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The person who mortgages the asset; the borrower.
Anything that would affect the judgment of a prudent insurer in fixing rates or deciding upon acceptance.
Funds produced by a pension scheme are placed with an insurance office which ‘manages’ the investment. Also used for life assurance funds with wide investment powers.
The person to whom an asset is mortgaged; the lender.
Process of converting money obtained illegally into apparently legitimate funds.
Loan made on the security of a house or other asset.

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Exempted person
Family income policy
FCA
FPC
Friendly societies
FSAP

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Financial Services Action Plan. A package of policy objectives and measures designed to improve the Europe-wide single market for financial services.
A person (or body) who may carry on investment business without applying for authorisation under the Financial Services and Markets Act 2000.
Societies, often small and local in nature, offering tax efficient life assurance.
A policy paying out regular instalments of capital from the death of the life assured until the end of the policy term.
Financial Policy Committee. A committee within the Bank of England responsible for horizon scanning for emerging risks to the financial system as a whole and providing strategic direction for the entire regulatory regime.
Financial Conduct Authority. A body which has assumed conduct and market responsibilities previously undertaken by the FSA.

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Guidance notes
HM Revenue and Customs (HMRC)
Industrial life branch
Insistent client
Insurance Mediation Directive (IMD)

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Established to collect and administer direct and indirect taxes, and pay and administer benefits and tax credits.
Premiums collected frequently from the home. May include some ‘ordinary branch’ business.
Circulars, issued by centralised bodies such as HM Revenue and Customs (HMRC), the Pensions Regulator or the Institute of Actuaries, to members and interested parties, amplifying or explaining matters which may not be immediately clear.
A client who insists on having a transaction arranged, despite this being contrary to the firm’s advice.
The EU Directive establishing a common standard for the non-investment insurance market.

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Rights issue
SERPS and S2P
Stamp duty reserve tax
Surrender
Tender
Testator

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A person who dies leaving a will.
Tax payable on some financial transactions.
An offer made in writing by one party to another to buy or sell goods or financial property, such as government securities.
Cancellation of a life assurance contract before its full term.
An issue of shares by a company when existing shareholders have the right to buy them in proportion to their original holdings.
State Earnings Related Pension Scheme. That part of a State retirement pension paid for directly out of a member’s earnings-related contributions and additional to the basic pension. It was superseded by the State Second Pension (S2P).

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