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glossary of terms
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Choose a letter:
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F
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fee a sum of money you pay, for example, to have a loan or credit arranged for you.
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finance company a company which makes money by lending to people who want to buy goods on credit. Most shops use finance companies for their credit deals.
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financial to do with money.
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financial adviser an individual or firm that can assess your financial needs, recommend suitable products, and arrange for you to buy or invest in these products. Some advisers can also manage investments for you. Where advice concerns 'packaged products' (such as unit trusts, open-ended investment companies, investment trust savings schemes, investment-type life insurance and pensions), an adviser must normally be either:
- tied to a single product provider; or
- independent and able to recommend any product on the market.
An adviser must be authorised by the Financial Services Authority (FSA).
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financial records will include statements, bills, receipts etc.
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first £50 of damage (also called an 'excess') some contents insurance policies ask you to pay the first £50 (or other amount) cost of the damage. The insurer will then pay for anything more than this.
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free buffer zone some bank or building society accounts have a buffer zone (a free temporary overdraft) so you can take this money out. You will not be charged for being very slightly overdrawn on this basis.
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