Abbreviations, Acronyms & Jargon

This glossary defines abbreviations and acronyms which often are used in the segments of the financial services sector in which AKG assessment is undertaken. Such abbreviations consequently may appear in AKG reports. Over time other jargon will also be added, where this is considered useful.

This list does not purport to be exhaustive, but AKG has endeavoured to ensure it contains those abbreviations and acronyms which are more routinely used.

New abbreviations acronyms and jargon continue to emerge and where appropriate AKG will add these - please let us know any that you feel should be included by Contacting AKG.

We hope this resource is useful.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

AGM Annual General Meeting
AIC Association of Investment Companies
AIF Alternative Investment Fund
AIFM Alternative Investment Fund Manager
AIFMD Directive 2011/61/EU on Alternative Investment Fund Managers
AILO Association of International Life Offices
AIM Alternative Investment Market
ALM Asset Liability Modelling/Management
AMC Annual Management Charge
AMPS Association of Member Directed Pension Schemes
APE Annual Premium Equivalent
APFA Association of Professional Financial Advisers
APR Annual Percentage Rate
ASB Accounting Standards Board
AUA Assets under Administration/Assets under Advice
AUM Assets under Management
AVR Actuarial Valuation Report
AWE Average Weekly Earnings
B2B Business to Business
B2B2C Business to Business to Consumer
B2C Business to Consumer
BAS Board for Actuarial Standards
BCC British Chambers of Commerce
BEL Best Estimate Liability
BoE Bank of England
BoJ Bank of Japan
BPS Bespoke Portfolio Service
CBI Confederation of British Industry
CDO Collateralised Debt Obligation
CDS Credit Default Swap
CEIOPS Committee of European Insurance & Occupational Pensions Supervisors
CEO Chief Executive Officer
CESR Committee of European Securities Regulators
CFA Chartered Financial Analyst
CFD Contract for difference
CFO Chief Financial Officer
CFPPFM Consumer Friendly Principles and Practices of Financial Management
CGT Capital Gains Tax
CI Critical Illness
CIMPS Contracted-in Money Purchase Scheme
CMA Contractual Minimum Addition
CMI Continuous Mortality Investigation
COBS Conduct of Business Sourcebook
COMPS Contracted-out Money Purchase Scheme
CP Consultation Paper
CPA Compulsory Purchase Annuity
CPI Consumer Price Index
CPPI Constant Proportion Portfolio Insurance
CR Capital Resources
CRD Capital Requirements Directive
CRD IV CRR and CRD collectively
CRO Chief Risk Officer
CRR Capital Requirements Regulation
CRR Capital Resources Requirement
CRRCR Capital Resources Requirement Coverage Ratio
CT Corporation Tax
CTF Child Trust Fund
CWP Conventional With Profits
D2C Direct to Customer
DA Deposit Administration
DFM Discretionary Fund Manager
DGI Domestically Generated Inflation
DIM Discretionary Investment Manager
DPS Discretionary Portfolio Service
D-SIB Domestic Systemically Important Bank
DWP The Department for Work and Pensions
EBA European Banking Authority
EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization
EBR Equity Backing Ratio (including Property)
EBT Earnings Before Taxes
EC European Commission
ECB European Central Bank
ECJ European Court of Justice
EEA European Economic Area
EEC European Economic Community
EGM Extraordinary General Meeting
EIOPA European Insurance and Occupational Pensions Authority
EME Emerging Market Economy
EMEA Europe, Middle East, Africa
EPP Executive Pension Plan
ERI Exchange Rate Index
ESA European Supervisory Authority
ESMA European Securities and Markets Authority
ESRB European Systematic Risk Board
ETF Exchange Traded Funds
EU European Union
FA Finance Act
FAMR Financial Advice Market Review
FAR Free Asset Ratio
FATCA Foreign Account Tax Compliance Act
FCA Financial Conduct Authority
FDI Foreign Direct Investment
FFA Fellow of the Institute and Faculty of Actuaries
FIA Fellow of the Institute and Faculty of Actuaries
FoF Fund of Funds
FoHF Fund of Hedge Funds
FOS Financial Ombudsman Service
FPC Financial Policy Committee
FRC Financial Reporting Council
FSA Financial Services Authority
FSAVC Free Standing Additional Voluntary Contribution
FSB Financial Stability Board
FSCS Financial Services Compensation Scheme
FSMA Financial Services and Markets Act 2000 (as amended)
FTSE Financial Times Stock Exchange
FTT Financial Transaction Tax
GAD Government Actuary’s Department
GAO Guaranteed Annuity Option
GAR Guaranteed Annuity Rate
GDP Gross Domestic Product
GIP Group Income Protection
GMP Guaranteed Minimum Pension
GPP Group Personal Pension
GPPP Group Personal Pension Plan
G-SIB Global Systemically Important Bank
G-SII Global Systemically Important Insurer
H1 First half of the year
H2 Second half of the year
HICP Harmonised Index of Consumer Prices
HMRC Her Majesty’s Revenue & Customs
HMT Her Majesty’s Treasury
HNW High Net Worth
IB Industrial Branch
ICA Individual Capital Assessment
ICAEW Institute of Chartered Accountants of England and Wales
ICAS Institute of Chartered Accountants of Scotland
ICG Individual Capital Guidance
IFA Independent Financial Adviser
IFoA Institute and Faculty of Actuaries
IFRS International Financial Reporting Standard
IGCA Insurance Group Capital Adequacy
IHT Inheritance Tax
ILAG The Investment and Life Assurance Group Limited
IMA Investment Management Association
IMD Insurance Mediation Directive
IMF International Monetary Fund
IP Income Protection or Individual Protection
IPO Initial Public Offering
IR Inland Revenue
IRR Internal Rate of Return
ISA Individual Savings Account
ISIN International Securities Identification Number
ISPV Insurance Special Purpose Vehicle
JV Joint Venture
KID Key Information Document
KII Key Investor Information
KIID Key Investor Information Document
LCR Liquidity Coverage Requirement
LFS Labour Force Survey
LIBOR London Interbank Offered Rate
LLP Limited Liability Partnership
LT Long Term
LTA Long Term Assets
LTBF Long Term Business Fund
LTI Loan to Income
MBI Management Buy In
MBO Management Buy Out
MD Managing Director
MCR Minimum Capital Requirement
MIFID Markets in Financial Instruments Directive
MIFIR EU Regulation on Markets in Financial Instruments
MPC Monetary Policy Committee (of the Bank of England)
MPS Managed Portfolio Service
MVR (MVA) Market Value Reduction (Market Value Adjuster/Adjustment)
NAV Net Asset Value
NBV Net Book Value
NED Non-Executive Director
NEST National Employment Savings Trust
NISA New Individual Savings Account
NP Non Profit
NPSF Non Profit Sub Fund
NSFR Net Stable Funding Ratio
NSI Non Standard Investments
OB Ordinary Branch
OECD Organisation for Economic Co-operation and Development
OEIC Open Ended Investment Company
OMO Open Market Option
ONS Office for National Statistics
OPEC Organisation of the Petroleum Exporting Countries
OPRA Occupational Pensions Regulatory Authority
OPBIT Operating Profit before Interest and Taxes
OPS Occupational Pension Scheme
ORSA Own Risk and Solvency Assessment
O-Slls Other systematically important institutions
OTC Over-the-counter
P2P Peer to peer
PAT Profit after Taxes
PBT Profit before Taxes
PBIT Profit before Interest and Taxes
PCE Personal Consumption Expenditure
PCI Private Client Indices
PFS Personal Finance Society (part of CII)
PHI Permanent Health Insurance
PPFM Principles and Practices of Financial Management
PPI Payment Protection Insurance
PPP Personal Pension Plan
PRA Prudential Regulation Authority
PRC Prudential Regulation Committee
PRE Policyholder Reasonable Expectations
PRIIP Packaged Retail and Insurance-based Investment Product
PRIP Packaged Retail Investment Product
PUP Paid Up Policy/Paid Up Pension
PVNBP Present Value of New Business Premiums
Q1 First quarter of the year
Q2 Second quarter of the year
Q3 Third quarter of the year
Q4 Fourth quarter of the year
QNUPS Qualifying Non-UK Pension Scheme
QROPS Qualifying Recognised Overseas Pension Schemes
RB (AB) Reversionary/Regular (Annual) Bonus
RBS Realistic Balance Sheet
RCM Risk Capital Margin
RDR Retail Distribution Review
RIY Reduction in Yield
RMM Required Minimum Margin
RoC Return on Capital
RPI Retail Prices Index
RTS Regulatory Technical Standard
RWA Risk Weighted Assets
S2, SII Solvency II
SCR Solvency Capital Requirement
SFCR Solvency & Financial Condition Report
SIPP Self Invested Personal Pension
SMEs Small and Medium-sized Enterprises
SPV Special Purpose Vehicle
SRRI Synthetic Risk and Reward Indicator
SSAP Statement of Standard Accounting Practice
SSAS Small Self-Administered Scheme
TAS Technical Actuarial Standard
TB Terminal (Final) Bonus
TCF Treating Customers Fairly
TEP Traded Endowment Policy
TER Total Expense Ratio
TLAC Total Loss-absorbing Capacity
TLP Traded Life Policy
TLTRO Targeted Long-Term Refinancing Operation
TPR The Pensions Regulator
TRS Total Return Swaps
TV Transfer Value
TVA Transfer Value Analysis
TWP Traditional With Profits
UCITS Unregulated Collective Investment Scheme
UHNW Ultra High Net Worth
UL Unit Linked
UWP Unitised With Profits
VaR Value at Risk
VAT Value Added Tax
VCT Venture Capital Trust
WCR Working Capital Ratio
WP With Profits
WoM Whole of Market
WPA With Profits Actuary / With Profits Annuity
WPB With Profits Bond
WPC With Profits Committee
WPE With Profits Endowment
WPFAR With Profits Free Asset Ratio
WPICC With Profits Insurance Capital Component
WPSF With Profits Sub Fund

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