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Family Income Benefit - a policy designed for families to provide income while children are

growing e.g. child age 0, policy taken out to provide £10,000 a year until the child is

25. If the parent dies straight away then £250,000 is paid out (over time). If the parent

dies when the child is 10, only £150,000 would be paid out.

FIB - see Family Income Benefit

Final Salary Pension Scheme - a type of defined benefit scheme.

Finance Act - the Act of Parliament that is created by the Budget. Most financial laws are

referenced in one or other Finance Act.

Financial Adviser - a person who is (check their credentials) authorised to provide

financial advice.

Fixed Interest - an investment where the investor receives a regular and unchanging amount of money for a given term.

Fixed rate mortgage - a mortgage where the interest rate is fixed, for a certain period. Your repayments will not change during this time, whatever happens to interest

rates. Very good for those who need to budget.

Flexible Whole Life Policy - a type of life insurance where the balance between life

insurance and savings can be varied when needed.

Footsie - se FT-SE.

Free Assets - the reserves of an insurance company. Investment companies do not require

free assets (unless they have With Profits investments).

Free Cover - When arranging life insurance for groups (e.g. a firms employees) companies normally state that up to £X life cover will be provided without seeking medical information. £X is known as the Free Cover Limit.

Free Standing Additional Voluntary Contribution (FSAVC) - A contract that allows you to build up funds outside of your employers pension scheme, (where that scheme is of a particular type).

Friendly Society - a type of organisation that offers insurance and investment policies, some with particular tax advantages.

FT-SE - Financial Times Stock Exchange, normally suffixed by Index, 100, 250, etc. A

measurement of the value of the market. Index Trackers normally track the FT-SE 100.

Pronounced Footsie.

FSAVC - see Free Standing Additional Voluntary Contributions.

Fund manager - person, team or company that manages a fund. An ABC Life fund may be managed by XYC Fund Managers.

Fundamental Analysis - an investment philosophy that takes the view that reading charts

tells you nothing about the future value of shares, (see Technical Analysis). Instead complete

detailed analysis of cash flow, sales, product development and markets to try and see which

companies are currently underpriced or overpriced.

Funded Unapproved Retirement Benefit Schemes - a type of pension (but not actually a pension) scheme that can be established for people unable to qualify for a pension.

FURB - see Funded Unapproved Retirement Benefit Schemes.

Futures - a contract that is used to trade commodity and currency markets. Not for most

private investors.