PRA Rulebook Glossary

Printed on: 06/07/2024

Rulebook at: 06/06/2008

Term

Definition

Letter: A

advising on investments (except pension transfers and pension opt-outs)

  • 01/12/2004

advising on pension transfers and pension opt-outs

advising on investments in respect of pension transfers and pension opt-outs.
  • 01/12/2004

alternative standardised approach

one of the following:
(a) a version of the standardised approach to operational risk under which a firm uses different indicators for certain business lines as referred to in BIPRU 6.4.19 R (The alternative standardised approach);
(b) (where the approach in (a) is being applied on a consolidated basis) the method in (a) as applied on a consolidated basis in accordance with BIPRU 8 (Group risk - consolidation); or
(c) when the reference is to the rules of or administered by a regulatory body other than the FSA, whatever corresponds to the approach in (a) or (b), as the case may be, under those rules.
  • 01/01/2007

annual accounting period

(1) (in CIS) a period determined in accordance with CIS 9.2.1 R (Accounting period);
(2) (in COLL): the period determined in accordance with COLL 6.8.2 R (3) to COLL 6.8.2 R (7)(Accounting periods).
  • 06/08/2006

Annual Accounts

(1) the Council Directive of 19 December 1991 concerning the annual accounts and consolidated accounts of insurance undertakings (No. 91/674/EEC).
(2) (in UPRU) accounts prepared to comply with:
(a) the Companies Acts 1985 to 1989, and their equivalent in Northern Ireland, where these provisions are applicable; or
(b) the Companies Act 2006; or
(c) other statutory obligations.
  • 06/06/2008

annual audited fixed expenditure

(in UPRU) has the meaning given in UPRU 2.1.3 R (Annual audited fixed expenditure).
  • 01/01/2007

annual bonus

(in relation to a with-profits insurance contract) a discretionary addition to policy benefits under a with-profits insurance contract made by a long-term insurer as a result of the annual actuarial investigation.
  • 31/12/2004

annual budget

the annual budgeted costs of operating the Financial Ombudsman Service.
  • 01/12/2004

annual eligible income

(in FEES ) the annual income (as described in Part 2 of FEES 4 Annex 1 ) for the firm's last financial year ended in the year to 31 December preceding the date for submission of the information under FEES 6.5.13 R attributable to the relevant sub-class ; or if the firm prefers, that amount of that annual income attributable to business conducted with or on behalfof eligible claimants , but only if the firm notifies FSCS of the amount in accordance with FSCS reporting requirements.
  • 06/11/2007

annual income

(in MIPRU)the income referred to in MIPRU 4.3
  • 01/01/2007

annual income allocation date

the date in any year stated in the most recently published prospectus as the date on or before which, in respect of each annual accounting period, an allocation of income is to be made.
  • 01/12/2004

annual information update

(in PR) the document referred to in PR 5.2.1 R.
  • 01/07/2005

annual percentage rate

the annual percentage rate of charge for a contract as calculated in accordance with MCOB 10 (Annual percentage rate).
  • 01/12/2004

annual report and accounts

(a) (in relation to a company incorporated in the United Kingdom) an annual report and annual accounts as those terms are defined in:
(i) section 262(1) of the Companies Act 1985, together with an auditor's report prepared in relation to those accounts under section 235 of the same Act where these provisions are applicable; or
(ii) section 471 of the Companies Act 2006 together with an auditor's report prepared in relation to those accounts under sections 495 to 497 of the same Act;
(b) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established.
  • 06/06/2008

annual statement provisions

  • 06/04/2007

annualised net written premiums

(for the purposes of INSPRU 1.4 ) in relation to a financial year, the net written premiums received during that financial year, except that in relation to a financial year that has been validly extended beyond, or shortened from, a period of 12 months, the amount of net written premiums is the amount determined in accordance with the formula: NWP x 365/Dwhere:
(1) NWP is the amount of net written premiums received in the financial year; and
(2) D is the number of days in that financial year.
  • 31/12/2006

apportionment and oversight function

controlled function CF8 in the table of controlled functions, described more fully in SUP 10.7.1 R .
  • 01/12/2004

approved reporting mechanism

a trade-matching or reporting system approved by the FSA in accordance with Section 412A of the Act.
  • 01/11/2007

arranging safeguarding and administration of assets

that part of safeguarding and administering investments which consists solely of arranging for one or more other persons to carry on both:
(a) the safeguarding of assets belonging to another; and
(b) the administration of those assets.
  • 01/12/2004

assisting in the administration and performance of a contract of insurance

the regulated activity, specified in article 39A of the Regulated Activities Order (Assisting in the administration and performance of a contract of insurance) of assisting in the administration and performance of a contract of insurance.
  • 01/12/2004