Accountant: An accountant is a professional who specialises in recording, analyzing, and reporting financial transactions. They help individuals and organizations maintain accurate financial records, prepare tax returns, and provide financial advice.

Accounts Payable and Receivable: Accounts Payable refers to the money a company owes to its suppliers or creditors for goods or services received but not yet paid for. On the other hand, Accounts Receivable refers to the money owed to a company by its customers or clients for goods or services provided but not yet received payment.

Additional Voluntary Contributions (AVCs): Additional Voluntary Contributions (AVCs) are extra contributions that individuals make to their pension funds, in addition to the mandatory contributions. AVCs allow individuals to save more for retirement and potentially increase their pension benefits.

Administrative and public law: Administrative and public law is the legal framework that governs administrative bodies’ and public officials’ actions and decision-making processes. It encompasses rules and regulations that define the relationship between government entities, individuals, and organizations, ensuring fairness, accountability, and transparency in the administration of public affairs.

Adviser: An adviser is a professional who provides expert advice and guidance in a specific area. They offer their knowledge and expertise to help individuals or organizations make informed decisions and achieve their goals. Advisers can work in various fields such as financial, legal, career, or personal development.

Advocacy: Advocacy refers to the act of publicly supporting or promoting a particular cause, policy, or viewpoint. Advocates engage in activities such as raising awareness, lobbying, and campaigning to influence public opinion and bring about social or political change.

AER: AER stands for Annual Equivalent Rate. It is a financial term used to calculate the annualised interest rate on financial products, such as savings accounts or investments, that pay interest more frequently than once a year. AER allows for easier comparison between different products with varying interest payment frequencies.

Annual allowance: The annual allowance is the maximum amount that can be contributed to a pension scheme in a tax year while still receiving tax benefits. It includes contributions from both the individual and their employer.

Annual statement: An annual statement is a document provided by financial institutions to their customers, summarizing the activity, transactions, and balances of their accounts over the past year. It provides an overview of the account’s performance and can help individuals monitor their finances.

Annuity: An annuity is a financial product that provides a regular income stream in exchange for a lump sum or a series of payments. It is commonly used as a retirement income option, where the annuitant receives regular payments for the rest of their life or a specified period.

Annulment: Annulment is a legal procedure that declares a marriage or civil partnership null and void, as if it never existed. It differs from divorce, which is the dissolution of a valid marriage. Annulments are granted in specific circumstances, such as fraud, bigamy, or lack of consent.

Approval in principle: Approval in principle, also known as a mortgage in principle or decision in principle, is a preliminary assessment by a lender to determine whether a borrower is eligible for a mortgage loan. It is based on limited information and does not guarantee final approval.

APR: APR stands for Annual Percentage Rate, and it represents the cost of borrowing, including both interest charges and certain fees, expressed as an annualized percentage. It is used to compare the costs of different financial products, such as loans or mortgages.

Arrears: Arrears refer to unpaid or overdue amounts, typically in relation to debt repayments, rent, or other financial obligations. Falling into arrears can have consequences, such as late payment fees, interest charges, and potential legal action by the creditor.

Assets: Assets are economic resources that have value and are owned or controlled by an individual, company, or organization. Examples of assets include cash, investments, real estate, vehicles, intellectual property, and inventory.

Asset allocation: Asset allocation refers to the strategy of distributing investments across different asset classes, such as stocks, bonds, cash, and real estate. It optimises an investment portfolio’s risk and return profile based on an individual’s goals, risk tolerance, and investment time horizon.

Authorised firm: An authorised firm is a financial institution or entity that has obtained the necessary regulatory approval from the appropriate regulatory authority to provide specific financial services or products. Being authorised signifies compliance with regulatory requirements and consumer protection standards.

Automatic Enrolment: Automatic Enrolment, also known as workplace pensions, is a UK government initiative that requires employers to automatically enrol eligible employees into a qualifying pension scheme. It aims to encourage individuals to save for retirement by making participating in workplace pension schemes easier.

Banking law: Banking law encompasses the legal regulations and principles that govern the activities of banks and other financial institutions. It covers various aspects, including banking licenses, consumer protection, lending practices, money laundering prevention, and regulatory compliance.

Bankruptcy: Bankruptcy is a legal process that allows individuals or businesses to declare themselves unable to repay their debts. It involves a court proceeding where assets may be sold to repay creditors, and it provides a fresh start for the debtor by eliminating or restructuring their debts.

Base Rate: The base rate, also known as the benchmark interest rate or the prime rate, is the interest rate set by a central bank or monetary authority. It is a reference for other economic interest rates, influencing borrowing costs, savings rates, and monetary policy.

Basic rate taxpayers: Basic rate taxpayers are individuals who pay income tax at the basic rate, which is the lowest rate of income tax applied to taxable income in a given tax year. The specific rate may vary depending on the tax laws and regulations of the country.

Basic state pension: The basic state pension is a regular payment provided by the government to eligible individuals who have reached the state pension age. It is a foundation for retirement income based on an individual’s National Insurance contributions.

Beneficiary: A beneficiary is a person or entity designated to receive assets, funds, or benefits from a trust, will, insurance policy, or other financial arrangement. They are entitled to receive the designated assets or benefits upon the occurrence of a specified event, such as the death of the policyholder or the maturity of an investment.

Bonds: Bonds are fixed-income securities issued by governments, municipalities, corporations, or other entities to raise capital. They represent a loan from the bondholder to the issuer, who agrees to pay periodic interest payments and repay the principal amount at maturity.

Buildings insurance: Buildings insurance is a type of insurance coverage that protects the structure of a property, including the building itself, fixtures, and fittings, against risks such as fire, flood, storm damage, and vandalism. It is typically required by mortgage lenders and provides financial protection for the property owner.

Buy-to-let mortgage: A buy-to-let mortgage is a type of mortgage loan specifically designed for individuals or investors who purchase residential property with the intention of renting it out to tenants. It differs from a residential mortgage, which is used to purchase a property for personal use.

Capital gains tax (CGT): Capital gains tax is a tax levied on the profits or gains realized from the sale or disposal of certain assets, such as property, investments, or valuable possessions. The tax is calculated based on the difference between the acquisition cost and the sale price of the asset.

Capped mortgage: A capped mortgage is a type of mortgage loan with a variable interest rate but has a maximum limit, or cap, on how high it can rise over a specified period. This protects borrowers against significant interest rate increases while allowing them to benefit from potential decreases.

Cashback mortgage: A cashback mortgage is a type of mortgage loan that offers a cash incentive or a lump sum payment to the borrower as part of the mortgage deal. The cashback can be used for various purposes, such as covering moving costs, home improvements, or reducing the upfront expenses of the mortgage.

Channel: In the context of financial services, a channel refers to the different methods or platforms through which financial products or services are delivered to customers. Examples of channels include bank branches, online banking, mobile applications, telephone banking, and third-party intermediaries.

Chancery: Chancery refers to a division or court within the legal system that deals with equity, trusts, probate, property law, and other related matters. Historically, Chancery courts focused on disputes over property rights, wills, and trusts.

Charity law: Charity law encompasses the legal framework and regulations that govern charitable organizations and their activities. It covers various aspects, such as charitable status, registration, governance, fundraising, tax benefits, and compliance with regulatory requirements.

Child Trust Fund: Child Trust Fund was a savings and investment account provided by the UK government for children born between September 1, 2002, and January 2, 2011. It aimed to provide a financial asset for children when they reached adulthood, fostering a savings culture and long-term financial planning.

Clinical negligence: Clinical negligence, also known as medical malpractice, is a legal term used to describe situations where a healthcare professional or organization fails to provide a reasonable standard of care, resulting in harm or injury to a patient. Clinical negligence cases typically involve medical errors, misdiagnosis, surgical mistakes, or medication errors.

Commission: Commission refers to a fee or compensation paid to an individual or entity in exchange for facilitating a transaction or providing a service. It is commonly associated with sales, where a percentage or a fixed amount of the sales price is paid as commission to the salesperson or agent.

Contract: A contract is a legally binding agreement between two or more parties that outlines the rights, obligations, and terms of the parties’ relationship. It establishes the basis for transactions, exchanges, or services and provides legal remedies in case of breaches or disputes.

Corporate bonds: Corporate bonds are debt securities issued by corporations to raise capital for business operations, expansion, or other financial needs. Investors who purchase corporate bonds are effectively lending money to the issuing corporation in exchange for periodic interest payments and the return of the principal amount at maturity.

Corporate finance law: Corporate finance law encompasses the legal regulations, principles, and practices that govern corporations’ financial activities and transactions. It covers areas such as capital raising, mergers and acquisitions, corporate restructuring, corporate governance, securities regulations, and compliance with financial reporting requirements.

CPI: CPI stands for Consumer Price Index, a measure of inflation that tracks the prices of a basket of goods and services typically consumed by households. It is used to monitor and compare the cost of living and the purchasing power of consumers.

Credit scoring: Credit scoring is a process used by lenders and financial institutions to assess the creditworthiness of individuals or businesses. It involves analyzing various factors, such as credit history, payment patterns, outstanding debts, and financial stability, to assign a numerical score that reflects the likelihood of timely repayment.

Critical illness cover: Critical illness cover, also known as critical illness insurance, is a type of insurance policy that provides a lump sum payment to the policyholder if they are diagnosed with a specified critical illness or medical condition. The funds can be used to cover medical expenses, lifestyle adjustments, or financial obligations during the illness.

Damages: Damages are the monetary compensation awarded by a court or agreed upon in a settlement to a party who has suffered harm or loss due to another party’s wrongful actions or negligence. Damages aim to restore the injured party to the position they would have been in if the harm had not occurred.

Debt: Debt is an amount of money owed by one party, the debtor, to another party, the creditor. It arises from borrowing funds, purchasing goods or services on credit, or other financial obligations. Debts typically involve an obligation to repay the borrowed amount plus any interest or fees accrued.

Debt law: Debt law encompasses the legal regulations, rights, and responsibilities related to debt agreements and the recovery of debts. It covers areas such as loan agreements, debt collection practices, debt recovery procedures, insolvency, and bankruptcy.

Defamation: Defamation refers to the publication or communication of false statements that harm the reputation or character of an individual or entity. It can be libel (written or printed) or slander (spoken). Defamation laws protect individuals from false and damaging statements that can harm their reputations.

Defined benefit: Defined benefit is a pension scheme where the retirement income is based on a pre-determined formula, typically considering factors such as salary, years of service, and a specified accrual rate. The employer is responsible for funding the pension and guaranteeing employee-specific benefits.

Defined contribution: Defined contribution is a pension scheme where the retirement income is based on the contributions made by the individual and their employer and the investment performance of the accumulated funds. The final pension amount is not predetermined and depends on factors such as contributions, investment returns, and annuity rates at retirement.

Direct Debits: Direct Debits are a payment method that allows authorized parties, such as banks or service providers, to automatically collect funds from a customer’s bank account to pay for goods or services. It is commonly used for regular payments, such as utility bills, subscriptions, and loan repayments.

Disbursements: Disbursements are expenses incurred during a legal or financial transaction paid by one party on behalf of another. They can include fees for legal services, court filing fees, search fees, and other costs associated with the transaction.

Discounted mortgage: A discounted mortgage is a mortgage loan whose interest rate is set at a discount below the lender’s standard variable rate (SVR) for a specified period. This discount period is typically a fixed term, and after the discount period ends, the interest rate usually reverts to the lender’s SVR.

Diversification: Diversification is an investment strategy that spreads investments across different asset classes, sectors, regions, or types of securities. The goal is to reduce risk by avoiding overexposure to any single investment and taking advantage of potential gains from various sources.

Dividends: Dividends are payments made by a corporation to its shareholders, typically as a distribution of profits. They represent a portion of the company’s earnings and are usually paid on a regular basis, such as quarterly or annually. Dividends can be in the form of cash, additional shares, or other assets.

Equity: Equity refers to ownership or interest in an asset or company. In the context of investments, equity represents shares or stocks held by shareholders, giving them a claim on the assets and earnings of the company.

Equity release: Equity release refers to financial products or schemes that allow homeowners, typically those aged 55 or older, to access the equity tied up in their property without selling it. It can provide a lump sum or regular income by releasing a portion of the property’s value.

Estate Planning: Estate planning is arranging and managing one’s assets, wealth, and affairs to ensure smooth transfer and distribution upon death. It involves creating a comprehensive plan that may include wills, trusts, powers of attorney, and other legal documents to minimize taxes, protect assets, and fulfil specific wishes.

Ethical investment: Ethical investment, or socially responsible investment (SRI) or sustainable investment refers to investing in companies or funds that align with certain ethical, social, or environmental criteria. It seeks to generate financial returns while considering factors such as environmental sustainability, social justice, and corporate responsibility.

Executor: An executor is an individual or entity appointed in a will to carry out the instructions and wishes of the deceased person, also known as the testator. The executor is responsible for managing the estate, settling debts, distributing assets, and handling the legal and administrative tasks related to the estate administration.

Final salary schemes: Final salary schemes, also known as defined benefit pension schemes, are retirement plans offered by some employers. In these schemes, the pension benefit is based on a percentage of the employee’s final salary and the number of years they have been a scheme member. The employer bears the investment and longevity risks of providing the promised pension income.

Financial and investment services: Financial and investment services refer to a range of services provided by professionals and institutions to help individuals and organizations manage their finances and investments. These services may include financial planning, investment advisory, wealth management, retirement planning, and brokerage services.

Financial Ombudsman Service: The Financial Ombudsman Service is an independent organization established to resolve disputes between financial institutions and their customers. It provides a free and impartial service for consumers to seek resolution for complaints related to financial products and services, including banking, insurance, investments, and pensions.

Fixed interest security: A fixed interest security is a type of investment that provides a fixed rate of return over a specific period. Examples include bonds, debentures, or fixed-interest savings accounts. The interest rate and repayment terms are predetermined, providing investors with a predictable income stream.

Fixed-rate: In the context of financial products, fixe- rate refers to an interest rate that remains constant over a specified period. This term is commonly used in relation to loans, mortgages, and savings accounts, where the interest rate does not fluctuate with changes in the market or economic conditions.

Fixed-rate mortgage: A fixed-rate mortgage is a home loan whose interest rate remains unchanged for a specific period, typically ranging from two to five years or longer. This means that the borrower’s monthly mortgage payments remain constant during the fixed-rate period, providing stability and predictability.

Fraud: Fraud refers to intentional deception or misrepresentation with the aim of obtaining financial gain or causing financial loss to others. It involves dishonest acts, such as false statements, forged documents, or unauthorized transactions, and is considered illegal and unethical.

Free-Standing Additional Voluntary Contributions (FSAVCs): Free-Standing Additional Voluntary Contributions (FSAVCs) are voluntary pension contributions made by individuals in addition to their workplace pension scheme. FSAVCs offer individuals more flexibility and control over their pension investments than regular workplace schemes.

FCA: The Financial Conduct Authority is a financial regulatory body in the UK which operates independently of the Government. Advisers and advice companies must be registered with the FCA to operate legally.

Gilts: Gilts, short for gilt-edged securities, are UK government bonds issued by the Treasury. These bonds are considered low-risk investments as they are backed by the UK government. Gilts pay fixed interest over a specific period and return the principal amount upon maturity.

Green Investments: Green investments, also known as sustainable or socially responsible investments, are financial investments made in companies or projects that promote environmental sustainability and social responsibility. These investments support initiatives such as renewable energy, clean technology, environmentally friendly practices, and socially conscious businesses.

Group Personal Pension: A Group Personal Pension (GPP) is a pension scheme employers provide to their employees. It is a defined contribution pension plan where each employee has an individual pension account within the scheme. Employers often contribute to the employee’s pension fund alongside the employee’s own contributions.

Hedge fund: A hedge fund is an investment fund that pools capital from accredited or institutional investors and uses various investment strategies to generate high returns. Hedge funds often employ more complex and aggressive investment techniques than traditional ones, such as short selling, leverage, and derivatives.

Higher rate taxpayer: A higher rate taxpayer is an individual who falls into a higher tax bracket due to their income level. The exact income thresholds for higher-rate taxpayers vary between countries. Higher-rate taxpayers generally pay a higher percentage of their income in taxes compared to individuals in lower tax brackets.

Home reversion schemes: Home reversion schemes are financial arrangements where homeowners sell a portion or all of their property to a provider in exchange for a lump sum or regular income. The homeowner retains the right to live in the property rent-free until they pass away or move into long-term care. Upon termination of the scheme, the provider receives the proceeds from the property sale.

Immigration law: Immigration law refers to the set of laws and regulations that govern the entry, stay, and rights of individuals in a country who are not citizens or permanent residents. It covers various aspects such as visas, work permits, citizenship, asylum, and deportation.

Immigration solicitors: Immigration solicitors are legal professionals who specialize in providing legal advice and assistance in matters related to immigration law. They help individuals or businesses navigate the complex immigration processes, including visa applications, appeals, and compliance with immigration regulations.

Income multiples: Income multiples, or income caps or income ratios, are used by lenders to assess how much they are willing to lend to a borrower based on their income. It represents the maximum mortgage loan amount that can be obtained relative to the borrower’s income.

Income protection: Income protection, also referred to as income replacement insurance, is a type of insurance policy that provides financial protection in the event of a loss of income due to illness, injury, or disability. It pays out a regular income to the insured individual until they can return to work or until a predetermined period.

Income tax: Income tax is a tax the government imposes on individuals or entities based on their income. It is usually calculated as a percentage of the income earned, and the funds collected through income tax are used to fund public services and government activities.

Independent financial adviser: An independent financial adviser (IFA) is a professional offering unbiased financial advice to clients based on their needs and goals. Unlike advisers tied to specific financial institutions, IFAs can recommend products and services from the whole market, providing their clients a wide range of options.

Individual Savings Account (ISA): An Individual Savings Account (ISA) is a tax-efficient savings and investment account available to individuals in certain countries, such as the United Kingdom. ISAs allow individuals to save or invest money without paying tax on the interest, dividends, or capital gains earned within the account up to a specified annual limit.

Inheritance tax (IHT): Inheritance tax (IHT) is a tax imposed on the value of an individual’s estate (including money, property, and possessions) when they pass away. The tax is usually paid by the estate’s beneficiaries, and some exemptions and thresholds determine whether IHT is applicable.

Injunction: An injunction is a court order that requires an individual or organization to do or refrain from doing a specific action. Injunctions are often sought to prevent harm, preserve rights, or maintain the status quo until a final judgment is made in a legal dispute.

Insolvency: Insolvency refers to a situation where an individual or organization cannot pay their debts as they become due or when the value of their liabilities exceeds their assets. Insolvency can lead to bankruptcy proceedings for individuals or insolvency procedures such as liquidation or administration for businesses.

Insurance Premium Tax: Insurance Premium Tax (IPT) is a tax imposed on general insurance premiums in some countries. It is typically paid by insurance providers and is either included in the premium charged to customers or added separately.

Intellectual property: Intellectual property (IP) refers to creations of the mind that are protected by laws, such as patents, copyrights, trademarks, and trade secrets. These protections grant exclusive rights to individuals or organizations over their inventions, artistic works, brand names, and confidential information.

Interest: Interest is the cost of borrowing money or the return earned on an investment. It is calculated as a percentage of the principal amount and represents the compensation or reward for using funds. Interest can be charged or earned on loans, mortgages, savings accounts, bonds, and other financial instruments.

Joint life: Joint life refers to a financial or insurance product that covers two or more individuals, typically spouses or partners, under a single policy. This could include joint life insurance policies, bank accounts, or investments.

Junior individual savings accounts (JISA): Junior Individual Savings Accounts (JISAs) are savings and investment accounts specifically designed for children in certain countries, such as the United Kingdom. JISAs offer tax-free savings and investment growth, and the funds within the account can only be accessed once the child reaches a certain age, typically 18.

Key facts document: A key facts document is a standardised summary or disclosure document that provides essential information about a financial product or service. It outlines key features, costs, risks, and terms and conditions in a clear and concise manner to help individuals make informed decisions.

Key features document: A key features document is a document that outlines the main features, benefits, and risks associated with a financial product or investment. It provides important information that individuals must consider before investing or purchasing the product.

Lifetime allowance: The lifetime allowance is a limit set by the government on the total value of pension benefits that an individual can accumulate without incurring additional tax charges. If the value of the pension exceeds the lifetime allowance, there may be tax implications when benefits are taken.

Lifetime annuity: A lifetime annuity is a type of retirement income product that provides a regular income for the rest of an individual’s life. It is purchased using pension savings and offers protection against the risk of outliving one’s retirement funds.

Lifetime mortgages: Lifetime mortgages are a type of equity release scheme that allows homeowners, typically retirees, to access the equity in their property while retaining ownership. The loan is repaid from the sale of the property after the individual passes away or moves into long-term care.

Money laundering: Money laundering is the process of concealing the origins of illegally obtained money, typically from criminal activities, by making it appear as if it came from legitimate sources. It involves a series of transactions and financial manipulations to disguise the illicit origin of the funds.

Money purchase pension: A money purchase pension, also known as a defined contribution pension, is a type of retirement plan where the contributions made by individuals and/or employers are invested to build a pension fund. The pension benefit depends on the fund’s value at retirement and does not guarantee a specific income.

Mortgage: A mortgage is a loan used to finance the purchase of a property. The borrower (mortgagor) provides the property as collateral to the lender (mortgagee) in exchange for the loan, which is repaid over a specified period with interest.

Mortgage broker: A mortgage broker is a professional who acts as an intermediary between borrowers and lenders to help individuals find and secure suitable mortgage loans. They have access to a range of mortgage products from multiple lenders and assist borrowers in navigating the mortgage application process.

Mortgage protection insurance: Mortgage protection insurance, also known as mortgage payment protection insurance (MPPI), is a type of insurance policy that provides financial coverage in case the borrower cannot make mortgage payments due to illness, injury, unemployment, or other specified circumstances.

Multi-tied financial advisers: Multi-tied financial advisers are professionals who provide financial advice and recommend products from a limited panel or group of financial providers. They are not independent and have a restricted range of options compared to independent financial advisers.

National Insurance Contributions: National Insurance contributions are compulsory payments made by individuals and employers in certain countries to fund social security benefits, including healthcare, pensions, and welfare programs. The contributions are typically based on an individual’s income and employment status.

Non-taxpayers: Non-taxpayers are individuals who do not meet the income threshold or have income sources that are not taxable, resulting in no requirement to pay income tax. They may still be eligible for certain tax benefits or allowances.

Pensions law: Pensions law refers to the legal framework that governs the establishment, administration, and regulation of pension schemes. It covers areas such as retirement age, pension contributions, benefits, pension scheme governance, and the rights of pension scheme members.

Personal allowance: Personal allowance is the income an individual can earn or receive in a tax year before they start paying income tax. It is set by the government and may vary depending on factors such as age, income level, and tax regulations.

Personal Equity Plans (PEPs): Personal Equity Plans (PEPs) were investment vehicles available in the United Kingdom that allowed individuals to invest in stocks and shares within a tax-efficient wrapper. PEPs have been replaced by Individual Savings Accounts (ISAs) in most jurisdictions.

Personal pension: A personal pension is a retirement savings plan that individuals can set up independently. It allows individuals to make contributions and build up a pension fund for their retirement. Personal pensions are typically managed by pension providers or investment companies.

Premium: In insurance terms, a premium refers to the money an individual or business pays an insurance company in exchange for insurance coverage. It is typically paid periodically, such as monthly or annually, and is based on factors such as the type of coverage, risk profile, and policy terms.

Price-to-earnings ratio (P/E): Price-to-earnings ratio (P/E) is a financial metric used to assess the relative value of a company’s stock by comparing its share price to its earnings per share (EPS). It is calculated by dividing the market price by the earnings per share.

Protected rights pension: Protected rights pension, also known as contracted-out pension rights, refers to a pension arrangement where an individual chooses to opt out of the state pension scheme and redirect their National Insurance contributions into a private pension scheme.

Qualifying years: Qualifying years, also known as qualifying periods, are the number of years of National Insurance contributions or credits required to be eligible for certain state benefits, such as the state pension. The specific number of qualifying years may vary depending on the jurisdiction and the benefit in question.

Repayment mortgage: A repayment mortgage is a type of mortgage loan where both the principal amount borrowed and the interest are repaid over the term of the loan. Each monthly payment includes a portion that reduces the loan balance and a portion that covers the interest.

Restricted financial advisers: Tied financial advisers are professionals who provide financial advice and recommend products from a limited number of financial providers or companies. They are restricted in their options compared to independent financial advisers.

Risk: Risk refers to the possibility of loss, harm, or negative consequences associated with an action, decision, investment, or event. In financial terms, the risk is often related to the uncertainty of returns and the potential for financial losses.

RPI: RPI stands for Retail Prices Index, a measure of inflation in the United Kingdom. It calculates the average change in the prices of goods and services over time and is commonly used as a benchmark for various purposes, including pensions, investments, and government benefits.

Self-Invested Personal Pensions (SIPPs): Self-Invested Personal Pensions (SIPPs) are a type of personal pension scheme available in certain jurisdictions, including the United Kingdom. SIPPs give individuals more control and flexibility over their pension investments by allowing them to choose and manage various investment options within the pension plan.

Simple and Compound Interest: Simple interest is a type of interest that is calculated only on the original principal amount. Compound interest, on the other hand, is calculated on both the principal amount and any accumulated interest. Compound interest can result in an exponential growth of an investment over time.

Stakeholder Pension: A stakeholder pension is a type of personal pension scheme designed to be simple and low-cost. It is intended to help individuals save for retirement and is subject to specific government regulations and requirements, including a charge cap.

Stamp Duty: Stamp duty is a tax imposed on certain transactions, such as the purchase of property, shares, or other assets. The amount of stamp duty payable is typically based on the value of the transaction.

Standard Variable Rate Mortgage: A standard variable rate mortgage is a mortgage loan whose interest rate the lender charges can vary over time. The interest rate is usually based on the lender’s standard variable rate, which may change in response to market conditions and other factors.

State Pension: The State Pension is a regular payment provided by the government to eligible individuals in certain jurisdictions. It serves as a foundation for retirement income and is based on an individual’s National Insurance contributions or credits over their working life.

Stockbroker: A stockbroker is a licensed professional or firm that facilitates the buying and selling of stocks, shares, and other securities on behalf of clients. They provide brokerage services, including market research, investment advice, and execution of trades on stock exchanges.

Stocks and Shares: Stocks and shares represent ownership interests in a company. They are financial instruments that can be bought and sold on stock exchanges, allowing individuals to invest in publicly traded companies and potentially profit from price appreciation and dividends.

Tax credits: Tax credits are financial incentives provided by the government in certain jurisdictions to individuals or businesses to reduce their tax liability. Tax credits can be based on various factors, such as income, dependents, or specific activities or investments.

Tax-efficient investing: Tax-efficient investing refers to strategies and structures that minimise the tax impact on investment returns. It involves utilising tax-advantaged accounts, managing capital gains and losses, and considering tax implications when making investment decisions.

Taxation law: Taxation law encompasses the legal regulations and principles related to government authorities’ imposition, collection, and administration of taxes. It covers various types of taxes, including income tax, corporate tax, sales tax, property tax, and more.

Term: In financial contexts, the term refers to the duration or length of a financial product or agreement. It can refer to the period of a loan, the maturity of a bond, or the length of an insurance policy, among other things.

Term assurance: Term assurance, also known as term life insurance, is a type of life insurance policy that provides coverage for a specified term or period. If the insured individual dies during the term, a death benefit is paid out to the beneficiaries.

Tracker mortgage: A tracker mortgage is a type of mortgage loan where the interest rate is linked to a specified financial index, typically the Bank of England base rate. The interest rate on a tracker mortgage changes with fluctuations in the chosen index.

Trusts law: Trusts law deals with the legal framework and principles governing trusts, which are legal arrangements where one party (the trustee) holds assets on behalf of another party (the beneficiary). Trusts are used for various purposes, including estate planning, asset protection, and charitable giving.

Unit trusts: Unit trusts, also known as mutual funds, are collective investment schemes that pool funds from multiple investors to invest in a diversified portfolio of assets. Investors own units in the trust proportional to their investment, which is managed by professional fund managers.

Unsecured pension: An unsecured pension, also known as a drawdown pension or income drawdown, is a type of pension arrangement where individuals can draw an income from their pension fund while keeping the fund invested. It provides flexibility and control over pension income but carries investment and longevity risks.

Valuation: Valuation refers to the process of determining the monetary value or worth of an asset, property, investment, or business. Valuations are typically carried out by qualified professionals and consider various factors, such as market conditions, comparable sales, and intrinsic characteristics of the asset.

Variable interest rate: A variable interest rate is an interest rate that can change over time. It is often linked to a reference rate, such as the base rate set by the central bank, and can fluctuate in response to changes in market conditions or other factors.

Venture Capital: Venture capital refers to private equity investment where investors provide capital to startups or early-stage businesses with high growth potential. In return, the investors typically receive an ownership stake in the company and aim to generate significant returns on their investment.

Whole-of-life insurance: Whole-of-life insurance, also known as permanent life insurance, is a type of life insurance policy that provides coverage for the entire lifetime of the insured individual. It pays out a death benefit to the beneficiaries upon the insured’s death, regardless of when it occurs.

Wills and probate law: Wills and probate law deals with the legal requirements, regulations, and procedures related to wills, estate planning, and the administration of estates after a person’s death. It involves drafting and executing wills, probate applications, asset distribution, and resolving any disputes that may arise.

Working Capital: Working capital refers to the funds available to a company for its day-to-day operations and short-term financial needs. It represents the difference between a company’s current assets (cash, inventory, and accounts receivable) and its current liabilities (accounts payable and short-term debt).

Yield: Yield refers to the income generated by an investment, typically expressed as a percentage of the investment’s value. It can represent the return on investment from dividends, interest, or rental income and is often used to assess the profitability or attractiveness of an investment.