FCA Handbook | Glossary Terms

(in BSOCS) the Building Societies Act 1986.

the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (SI 2013/2734).

(in FEES 9) The Payment Card Interchange Fee Regulations 2015 (SI 2015/1911).

has the meaning in regulation 3(1) of the Securitisation Regulations 2024.

has the meaning in regulation 3(1) of the Securitisation Regulations 2024.

a non-UK AIFM that is not a small AIFM.

advice in relation to a pension transfer that is not full pension transfer or conversion advice (see COBS 19.1A (Special rules for giving abridged advice)).

the regulated activity, specified in article 5 of the Regulated Activities Order (Accepting deposits), which is in summary: accepting deposits if:

1. (a) money received by way of deposit is lent to others; or
1. (b) any other activity of the person accepting the deposit is financed, wholly or to a material extent, out of the capital of or interest on money received by way of deposit.

(in relation to a class of contract of insurance) the class of contract of insurance, specified in paragraph 1 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance), providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of both) against risks of the person insured or, in the case of a contract made under section 140, 140A or 140B of the Local Government Act 1972 (or, in Scotland, section 86(1) of the Local Government (Scotland) Act 1973), a person for whose benefit the contract is made:

1. (a) sustaining injury as the result of an accident or of an accident of a specified class; or
1. (b) dying as a result of an accident or an accident of a specified class; or
1. (c) becoming incapacitated in consequence of disease or of disease of a specified class;

including contracts relating to industrial injury and occupational disease but excluding contracts within paragraph 2 of Part I of Schedule 1 to the Regulated Activities Order (Sickness) and contracts within paragraph IV of Part II of that Schedule (Permanent health).

(1) (in relation to a dormant asset relating to a bank or building society ) has the meaning given in section 9 of the Dormant Bank and Building Society Accounts Act 2008, which is in summary:

1. (a) an account which has at all times consisted only of money and is provided by a bank or building society as part of its activity of accepting deposits; and
1. (b) in relation to a building society, it includes an account representing shares in the society, other than:
   1. (i) preferential shares; or
   1. (ii) deferred shares within the meaning given in section 119(1) of the Building Societies Act 1986.

(2) (in relation to a dormant asset relating to a long-term insurance contract, and an insurance institution as defined in section 2 of the Dormant Assets Act 2022) has the meaning given in section 3 of the Dormant Assets Act 2022 in relation to eligible insurance proceeds, which in summary is cash proceeds of a long-term insurance contract, after the appropriate adjustments have been made for such things as interest due and fees and charges payable, but excluding a contract relating to a with-profits policy, or an industrial assurance policy, or a policy that is subject to a trust, or proceeds held in a lifetime ISA where their transfer to a dormant asset fund operator would result in liability to pay a withdrawal charge to HMRC.

(3) (in relation to a dormant asset relating to a personal pension scheme, and a pensions institution as defined in section 5 of the Dormant Assets Act 2022) has the meaning given in section 6 of the Dormant Assets Act 2022 in relation to eligible pension benefits, which in summary means any of the following amounts (that have become payable after the appropriate adjustments have been made for such things as interest due and fees and charges payable):

1. (a) pension benefits in the form of income withdrawal that have become payable under a personal pension scheme; or
1. (b) pension benefits that have become payable under a personal pension scheme:
   1. (i) under which all benefits that may be provided are money-purchase benefits; and
   1. (ii) which is not and has at no time been a qualifying scheme or an automatic enrolment scheme in relation to the member to, or in respect of, whom the benefits are payable; or
1. (c) any amount available to be paid as benefits under a personal pension scheme of a kind mentioned in (b),

but excluding benefits provided from sums invested in a with-profits fund.

(in accordance with regulation 2(1) of the Payment Services Regulations) an online service to provide consolidated information on one or more payment accounts held by the payment service user with another payment service provider or with more than one payment service provider, and includes such a service whether information is provided:

1. (a) in its original form or after processing;
1. (b) only to the payment service user or to the payment service user and to another person in accordance with the payment service user’s instructions.

(in accordance with regulation 2(1) of the Payment Services Regulations) a payment service provider which provides account information services.

(in accordance with regulation 2(1) of the Payment Services Regulations) a payment service provider providing and maintaining a payment account for a payer.

the additional position management controls a trading venue applies, in accordance with MAR 10.3.3BR, in relation to the critical contracts and related contracts traded on its systems.

(in relation to an approved person) the functions described in APER 1.1A.2R, which are in summary:

1. (a) FCA controlled functions in SUP 10A (FCA Approved persons in Appointed Representatives ); and
1. (b) [deleted]
1. (c) any other functions of the approved person in relation to the carrying on of a regulated activity;

in relation to that approved person’s authorised approved person employer.

(in APER) any accountable function that is an FCA controlled function that is a significant-influence function.

Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directive 78/660/EEC and 83/349/EEC.

1. (1) (except in COLL ):
   1. (a) (in relation to a company incorporated in the United Kingdom under the Companies Acts) the accounting reference date of that company determined in accordance with section 391 of the Companies Act 2006;
   1. (b) (in relation to any other body) the last day of its financial year.
1. (2) (in COLL ): the date stipulated in the prospectus on which the annual accounting period of an authorised fund ends.

1. any of the following bodies recognised by the FCA for the purpose of providing the independent verification required under TC 2.1.27 R:
   1. (a) CFA Society of the UK (accredited body until 31 December 2024);
   2. (b) The Chartered Insurance Institute;
   3. (c) The Institute of Financial Planning (accredited body until 31 October 2015);
   4. (d) The Chartered Institute for Securities and Investment;
   5. (e) The Chartered Banker Institute (accredited body until 31 December 2024);
   6. (f) The London Institute of Banking & Finance (accredited body until 31 March 2023);
   7. (fa) The London Institute of Banking & Finance Limited (accredited body until 3 April 2025);
   8. (fb) Walbrook Institute London Limited - also trading as ‘The London Institute of Banking & Finance’ and/or ‘LIBF’;
   9. (g) The Institute of Chartered Accountants in England and Wales (accredited body until 31 December 2017);
   10. (h) The Pensions Management Institute (accredited body until 31 May 2019).

the current value of a relevant pension scheme member's accrued rights, expressed as a single amount.