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Glossary of financial terms
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EXPLANATION OF FINANCIAL TERMS

Fixed interest rate

Applies to mortgages, where borrowers are locked into a certain interest rate for a specified time. The expression may also apply to savings accounts. Most savings accounts have variable rates which means they will go up and down over time in line with the Bank of England changes to base rate.

Flexible loans

Check this definition carefully with your mortgage lender. Some lenders allow underpayment, overpayment and then a reversal of the overpayment. Some will not allow a withdrawal of the overpayment and others will allow only an overpayment and prevent you from underpaying.

Friendly society

A life and sickness insurer set up and owned by its members. Similar to a mutually owned insurer.

FSA

The Financial Services Authority authorises more than 23,000 firms to conduct investment business in the UK. Most regulation is carried out by a number of specialist bodies, recognised by the Financial Services Authority. The FSA recognises three SROs, or Self Regulatory Organisations which have the power to authorise firms to conduct investment business. The FSA also monitors the professions via the Recognised Professional Bodies and looks after six Recognised Investment Exchanges and two Recognised Clearing Houses.

FSAVCs

Like AVCs they are classed as additional voluntary contributions to a pension scheme. The FS indicates free-standing, industry jargon for a product offered not by an employer but by an outside provider. Charges are usually higher than for a company AVC scheme.

FTSE

A number of different stock market indices are used in Britain to measure the stockmarket. The FTSE 100 covers the top 100 shares in Britain and is used by tracker funds to target performance. The FTSE All Share index tends to be used by actuaries to measure pension fund performance.

 


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