Accidental damage
Damage to a person's possessions by accident, such as spilling paint on a carpet, that is covered by some home insurance policies
Damage to a person's possessions by accident, such as spilling paint on a carpet, that is covered by some home insurance policies
AccountA record of spending and income, provided by a bank, post office or building society
Accounting date
The last date of the period covered by an organisation's annual accounts
The last date of the period covered by an organisation's annual accounts
Accumulation date
The date when income is reinvested in a unit trust, instead of being paid out to investors
The date when income is reinvested in a unit trust, instead of being paid out to investors
Accumulation unit
A type of unit of income that a company reinvests in a unit trust instead of paying it out immediately to investors
A type of unit of income that a company reinvests in a unit trust instead of paying it out immediately to investors
Accurate figure
An exact reading from a meter to record how much gas or electricity a person has used
An exact reading from a meter to record how much gas or electricity a person has used
Actuary
An expert on pension scheme assets and debts, life expectancy and risk for insurance purposes
An expert on pension scheme assets and debts, life expectancy and risk for insurance purposes
Acquisition
The buying of one company by another; also known as a takeover
The buying of one company by another; also known as a takeover
Administration fee
An amount you pay for the time it takes staff to make changes to your financial product or service
An amount you pay for the time it takes staff to make changes to your financial product or service
AVC
Additional Voluntary Contribution – extra money that people in work related pension schemes can pay to increase their pension benefits
Additional Voluntary Contribution – extra money that people in work related pension schemes can pay to increase their pension benefits
Affinity card
A credit card that allows a person to support an organisation such as a charity; every time a person uses the card to buy something, the credit card company makes a small donation to the organisation
A credit card that allows a person to support an organisation such as a charity; every time a person uses the card to buy something, the credit card company makes a small donation to the organisation
After tax
An amount of money that a person is left with after they have paid tax
An amount of money that a person is left with after they have paid tax
Agent
A person who deals with a range of suppliers from which it can issue a recommendation to a client
A person who deals with a range of suppliers from which it can issue a recommendation to a client
All risks
A home insurance policy that covers a person's possessions even if they take them outside their home
A home insurance policy that covers a person's possessions even if they take them outside their home
Allocation rate
A percentage of a person's money that has been invested in a fund; the remainder is spent on charges
A percentage of a person's money that has been invested in a fund; the remainder is spent on charges
Annual
Every year
Every year
Annual cover
An insurance policy that a person must renew every year, such as health or car insurance
An insurance policy that a person must renew every year, such as health or car insurance
Annual management charge
A charge or fee that a person must pay each year to the manager of an insurance policy, investment or pension fund, based on the value of a person's fund
A charge or fee that a person must pay each year to the manager of an insurance policy, investment or pension fund, based on the value of a person's fund
Annual service
A check made once a year on a piece of equipment to make sure it is working properly
A check made once a year on a piece of equipment to make sure it is working properly
Annuity
A regular amount paid out to somebody from an investment that is linked to a managed fund
A regular amount paid out to somebody from an investment that is linked to a managed fund
Applicant
A person who applies for something
A person who applies for something
APR
Annual Percentage Rate – a percentage to show the amount of interest and other fees a person pays each year to receive a loan
Annual Percentage Rate – a percentage to show the amount of interest and other fees a person pays each year to receive a loan
ARF
Approved Retirement Fund – an investment plan that self-employed people, directors of family firms and certain other people can buy with the proceeds of their pension plan when they retire, which they can allow to grow or can cash in from time to time to provide an income
Approved Retirement Fund – an investment plan that self-employed people, directors of family firms and certain other people can buy with the proceeds of their pension plan when they retire, which they can allow to grow or can cash in from time to time to provide an income
Arrangement fee
A fee that a bank or building society charges a customer for arranging a loan
A fee that a bank or building society charges a customer for arranging a loan
Arrears
An overdue amount that has not been paid
An overdue amount that has not been paid
Articles of association
A company's document that sets out the shareholders' rights and the directors' powers
A company's document that sets out the shareholders' rights and the directors' powers
Asset
Something owned
Something owned
Asset management
A service from a financial adviser to spread a person's investment between a number of assets, such as shares, Government bonds, cash and property, so that they can potentially earn more money
A service from a financial adviser to spread a person's investment between a number of assets, such as shares, Government bonds, cash and property, so that they can potentially earn more money
Asset management
Insurance cover for an event that will definitely happen, such as death, rather than an event that might happen, such as fire or theft
Insurance cover for an event that will definitely happen, such as death, rather than an event that might happen, such as fire or theft
ATM
Automated teller machine – a computerised machine that allows bank customers to get information on their bank account, withdraw money or sometimes top up their phone in a public place, without dealing with another person
Automated teller machine – a computerised machine that allows bank customers to get information on their bank account, withdraw money or sometimes top up their phone in a public place, without dealing with another person
Audit
An independent examination of an organisation's records and accounts to make sure that they show a fair, accurate and legal reflection of the financial position of the company at the accounting date
An independent examination of an organisation's records and accounts to make sure that they show a fair, accurate and legal reflection of the financial position of the company at the accounting date
Auditor's report
A report by an independent person or firm on an organisation's financial records
A report by an independent person or firm on an organisation's financial records
Authorised share capital
The highest amount of share capital that a company can issue, as set out by the company's memorandum of association
The highest amount of share capital that a company can issue, as set out by the company's memorandum of association
Available credit
The difference between a person's credit limit and the amount of money they have already borrowed or spent on their credit card
The difference between a person's credit limit and the amount of money they have already borrowed or spent on their credit card
A-Z Pocket Guide to Understanding Financial Terms
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