Glossary

Find out what the terminology we use means below

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Glossary

A letter issued by financial providers on confirmation of an upheld complaint requiring the complainant to accept and sign before receiving that payment.

The action taken confirming receipt of a complaint by the recipient of the complaint

Someone who has already made a complaint against an institution which has previously received a final response.

The terms which describes the event in which someone misses the regular payments towards a finance and starts to accrue debt.

The rate of income tax applied to individuals who earn between prescribed brackets by HMRC for which they will be charged, currently at 20% (2020/21).

Products/services obtained as a result of holding a particular account.

Someone who borrows money a lender such as a bank and is then required to repay based on an agreement.

The abbreviation for a claims management company, which is a business regulated by the FCA for the provision of claims management activities.

Money held by a business/charity in a bank account on behalf of their clients.

If you receive compensation for financial mis-selling you will also be awarded compensatory statutory interest which is equivalent to 8% of the refund offered for each year which you were affected.

An expression of dissatisfaction with regards to the provision of a product/service from on entity to another.

Money which has been lent in relation to a particular product such as furniture or store purchases.

An account held with a bank for which individuals/business can deposit money

The term used when a customer has made an enquiry with a financial provider and they are unable to identify that individual in their records based on the details they have been provided.

The FCA imposed deadline for PPI complaints of the 29th August 2019.

An agreement which assigns the receipt of funds from one entity to another.

A signature in an electronic format

The abbreviation for the Financial Conduct Authority who are the UK regulatory body for the financial sector.

The final decision describing the outcome of an individuals complaint.

Money which has been lent to an individual and/or business as part of an agreement to repay usually in the form of loan, credit card or mortgage.

The prescribed alternative dispute resolution scheme for complaints against FCA regulated businesses/individuals.

A regulated institution which works in the financial sector and provides financial services/products to an individual or business.

Her Majesty’s Revenue and Customs is the name given to the UK tax office

The rate of income tax applied to individuals who earn between prescribed brackets by HMRC which is above the basic rate for which they will be charged, currently at 40% (2020/21).

An Individual Voluntary Agreement which is form of debt management.

Tax which is charged to an individual based on their income.

A Letter of Authority, which is a legal agreement prescribing another individual/business to work on someone’s behalf relating to the contents of that agreement.

A regulated institution which works in the financial sector and lends money to individuals and/or businesses.

The transfer allowance permitted to married couples in which one is a basic rate taxpayer and the other pays no tax.

A payment due each month.

A type of agreement in which the recipient is only charged a fee if they are successful with the service they have been provided.

After 6 months of a final response the ability for someone to use an ADR scheme is lost and therefore the complaint is classed as out of jurisdiction (OOJ)

A current account which has benefits and insurances in return for a monthly fee.

This was an insurance attached to finance such as credit cards or loans which would protect the borrower against circumstances such as losing their job or illness ensuring that there is monthly payments were covered by the insurer.

This was an insurance attached to finance such as credit cards or loans which would protect the borrower against circumstances such as losing their job or illness ensuring that there is monthly payments were covered by the insurer.

The amount provision each year to UK individuals in which they will not be liable for income tax.

A type of PPI complaint which relates to the unfair commission element of premiums which have been paid for the policy. Plevin comes from the surname of the individual who first complained through the courts with a landmark case with relation to unfair commission.

The term referring to the payments made towards an insurance policy.

A refund which relates to the recovery of funds which was previously unclaimed.

Compensation offered to someone in the form of payment.

A business which manages a clients tax affairs.

A code issued by HMRC to calculate what that individual should be charged in relation to income tax.

The UK tax year is different to a financial year and runs from the 6th April to the 5th April the following year.

Banks who charged more than 50% of the insurance premium solely for commission without informing the customer that was the case before signing them up to the financial agreement.

A term used by financial providers when you have been successful with the outcome of your.

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