APP fraud
Authorised push payment fraud: a person is deceived into authorising a payment to a fraudster.
Definition and working example ↗Glossary
Use the same words. Mean the same thing.
Twenty terms, with the distinction that matters and an example from an operating file.
20 terms in this edition
A
Appointed representative
A person or firm operating under an appointed representative arrangement with a principal, within the applicable scope and rules.
Definition and working example ↗Authorised payment institution
A payment institution authorised under the relevant UK framework to provide the payment services within its scope.
Definition and working example ↗B
Bacs
A UK payment system with a three-working-day processing cycle for the relevant payment services.
Definition and working example ↗C
CHAPS
The Bank of England’s same-day sterling high-value payment system.
Definition and working example ↗Consumer Duty
The FCA framework requiring in-scope firms to deliver good outcomes for retail customers.
Definition and working example ↗E
Electronic money institution
An institution with the relevant status for issuing electronic money under the applicable framework.
Definition and working example ↗F
Fair value assessment
An assessment of the relationship between the benefits a customer receives and the total price or costs of a product, within the applicable Consumer Duty framework.
Definition and working example ↗Faster Payments
A UK payment system operated by Pay.UK for sterling payments, subject to scheme and participant arrangements.
Definition and working example ↗Final notice
A formal FCA notice setting out a regulatory decision and its relevant basis and context.
Definition and working example ↗Financial Services Register
The FCA’s official public register of relevant firms and individuals and their recorded regulatory status.
Definition and working example ↗I
Impact tolerance
A defined level of disruption that a firm can tolerate for an important business service under the relevant resilience framework.
Definition and working example ↗Important business service
A service identified as important under the FCA operational-resilience framework because of the harm its disruption could cause.
Definition and working example ↗R
REP027
The FCA safeguarding return referenced in SUP 16.14A.
Definition and working example ↗Reconciliation
A comparison of records or balances that identifies and explains differences under a defined method.
Definition and working example ↗Relevant funds
Funds that fall within the applicable safeguarding requirements; their identification depends on the institution and service.
Definition and working example ↗Resolution pack
An organised set of information maintained to support the handling of a firm’s failure under the relevant safeguarding framework.
Definition and working example ↗S
Safeguarding
Arrangements intended to protect relevant funds received by certain payment and e-money institutions under the applicable regime.
Definition and working example ↗Severe but plausible scenario
A disruption scenario designed to challenge an important business service within the operational-resilience framework.
Definition and working example ↗Small payment institution
A payment institution registered under the small-payment-institution route where the eligibility requirements are met.
Definition and working example ↗No matching terms. Try a shorter phrase.