In the case of underwriting an insurance policy: A material fact is information which may alter the acceptance or terms on the policy offered by the insurance company.  It is vital you answer all the questions on the application carefully, to the best of your knowledge and belief.  Insurance companies do check the information you

The generic name for a wide variety of funds which invest in alternative assets (that is, not cash, fixed interest, equities or property).  They may use complex financial instruments to profit from other assets falling in price.  Hedge funds are usually unregulated by the Financial Conduct Authority and not covered by the Financial Services Compensation

To use as security for a loan.

A Small Self-Administered pension Scheme where an insurance company acts as the Scheme Administrator.  In return for lower explicit Scheme Administration fee you make a minimum contribution into the insurance company’s funds (so there would be less cash available for self-investment).

Independent Financial Advisers assess a sufficient range of investment products available on the market with a diverse range of products and providers to ensure a client’s investment objectives can be met suitably.  The advice is not limited to products provided by the firm, a provider with close links, or any legal, economic or contractual relationship

A tax-efficient financial product which now comes in several forms with different rules and allowances: “Basic” ISA: The ISA most people know. It can hold cash or stocks and shares and is available to anyone aged 18 or over (or 16 or over if only cash is held). Help-to-Buy ISA: Holders of this regular saving

A firm that arranges a financial product, sourced from a Product Provider.  This includes IFAs and restricted firms.  Some Product Providers offer their products direct to the public on more favourable terms.

The term used to describe how easy it is to buy or sell an investment.

The Financial Conduct Authority splits the retail financial products it regulates into three categories: Investments; Non-investment insurance; and Mortgages Many insurance-based contracts have an investment element and are regulated as investments.  Non-investment insurance covers all the other pure protection contracts and general insurance (such as motor insurance).

At the selected retirement age for your pension fund, your current pension provider will normally offer you the chance to buy a regular pension income (called an annuity) with them.  You have the right to take your pension fund and buy an annuity on the open market; this is an Open Market Option.