Accident
Cover that pays a monthly amount of cash for a limited period if you can't work or are made redundant.
Accrual rate
Rate at which pension benefits grow within an Occupational Pension Scheme for each year in service. Usually expressed as a fraction of final salary.
Act of God
An accident or event, which happens due to natural causes such as storm which no one could foresee.
Annual Percentage Rate
This rate takes into account all the costs, interest charges and arrangement fees and allows you to compare credit facilities on a like for like basis.
APR
The Annual Percentage Rate. This rate takes into account all the costs, interest charges and arrangement fees and allows you to compare credit facilities on a like for like basis.
Bridging Loan
If a house purchase involves the sale of one property and the purchase of another it's normally best if the two deals happen at exactly the same time. If this is not possible and the purchase of the second property happens before the sale of the first is completed then another loan may be needed. This additional loan is a called a 'bridging loan' and bridges the gap between the two house transactions.
Consolidation Loan
A loan taken out to pay off all your debts.
Critical illness cover
Pays out a guaranteed cash sum sum if you're diagnosed with one of the critical illnesses covered by the plan
Death Benefit
A life insurance payment made upon the death of an insured person.
Financial Services Authority (FSA)
The single regulatory authority for the UK financial services industry, setting the rules for how financial companies operate and looking out for the public's interests.
Flexible loan
A loan that allows you to borrow up to an agreed amount, so that you can increase or decrease the loan depending on how much money you need from time to time.
Fixed Rate
Where the interest rate is fixed for a set period.
FSA
The single regulatory authority for the UK financial services industry, setting the rules for how financial companies operate and looking out for the public's interests.
IFA
Independent Financial Adviser - an independent expert who is authorised to sell or advise on the policies offered by insurance companies, as well as other financial service providers, such as banks and building societies.
Personal Loan
A loan which you take out as an individual, with a fixed interest rate and a fixed number of repayments.
Secured loan
A loan for which you put up an asset, such as your home, as security; if you do not keep up you repayments, the lender can sell your home to get their money back.
Unsecured loan
A loan for which you don't have to put up an asset, such as your home, as security that the loan will be repaid.
This Financial Glossary is provided for assistance only. If you are in any doubt about a financial term, you should seek independent financial advice`.
Cover that pays a monthly amount of cash for a limited period if you can't work or are made redundant.
Accrual rate
Rate at which pension benefits grow within an Occupational Pension Scheme for each year in service. Usually expressed as a fraction of final salary.
Act of God
An accident or event, which happens due to natural causes such as storm which no one could foresee.
Annual Percentage Rate
This rate takes into account all the costs, interest charges and arrangement fees and allows you to compare credit facilities on a like for like basis.
APR
The Annual Percentage Rate. This rate takes into account all the costs, interest charges and arrangement fees and allows you to compare credit facilities on a like for like basis.
Bridging Loan
If a house purchase involves the sale of one property and the purchase of another it's normally best if the two deals happen at exactly the same time. If this is not possible and the purchase of the second property happens before the sale of the first is completed then another loan may be needed. This additional loan is a called a 'bridging loan' and bridges the gap between the two house transactions.
Consolidation Loan
A loan taken out to pay off all your debts.
Critical illness cover
Pays out a guaranteed cash sum sum if you're diagnosed with one of the critical illnesses covered by the plan
Death Benefit
A life insurance payment made upon the death of an insured person.
Financial Services Authority (FSA)
The single regulatory authority for the UK financial services industry, setting the rules for how financial companies operate and looking out for the public's interests.
Flexible loan
A loan that allows you to borrow up to an agreed amount, so that you can increase or decrease the loan depending on how much money you need from time to time.
Fixed Rate
Where the interest rate is fixed for a set period.
FSA
The single regulatory authority for the UK financial services industry, setting the rules for how financial companies operate and looking out for the public's interests.
IFA
Independent Financial Adviser - an independent expert who is authorised to sell or advise on the policies offered by insurance companies, as well as other financial service providers, such as banks and building societies.
Personal Loan
A loan which you take out as an individual, with a fixed interest rate and a fixed number of repayments.
Secured loan
A loan for which you put up an asset, such as your home, as security; if you do not keep up you repayments, the lender can sell your home to get their money back.
Unsecured loan
A loan for which you don't have to put up an asset, such as your home, as security that the loan will be repaid.
This Financial Glossary is provided for assistance only. If you are in any doubt about a financial term, you should seek independent financial advice`.
