| AFH |
Actuarial Function Holder |
| 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 |
| AWP |
Accumulating With-Profits |
| 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 |
| CA |
Chief Actuary |
| 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 |
| CNP |
Conventional Non Profit |
| 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 |
| DB |
Defined Benefit (pension scheme) |
| DC |
Defined Contribution (pension scheme) |
| DFM |
Discretionary Fund Manager |
| DGI |
Domestically Generated Inflation |
| DIM |
Discretionary Investment Manager |
| DPS |
Discretionary Portfolio Service |
| D-SIB |
Domestic Systemically Important Bank |
| DTA |
Deferred Tax Assets |
| 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 |
| FLAOR |
Forward Looking Assessment of Own Risks |
| 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 |
| GDPR |
General Data Protection Regulation |
| 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 |
| HRG |
Homogeneous Risk Group |
| IB |
Industrial Branch |
| IBNR |
Incurred But Not Reported |
| ICA |
Individual Capital Assessment |
| ICAEW |
Institute of Chartered Accountants of England and Wales |
| ICAS |
Institute of Chartered Accountants of Scotland |
| ICG |
Individual Capital Guidance |
| ICOP |
In Course of Payment |
| 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 |
| NDF |
Non-Directive Firm |
| 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 |
| PV |
Present Value |
| 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 |
| QMI |
Quarterly Management Information |
| 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 |
| RM |
Risk Margin |
| RMM |
Required Minimum Margin |
| RoC |
Return on Capital |
| RPI |
Retail Prices Index |
| RSR |
Regulatory Supervisory Report |
| RST |
Reverse Stress Test |
| RTS |
Regulatory Technical Standard |
| RWA |
Risk Weighted Assets |
| S2, SII |
Solvency II |
| SCR |
Solvency Capital Requirement |
| SFCR |
Solvency & Financial Condition Report |
| SIMF |
Senior Insurance Management Function |
| 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 |
| TMTP |
The Transitional Measure on Technical Provisions |
| 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 |