Welcome to the Finance glossary, we have made this glossary to make you more comfortable in finding and understanding the finance terms. This is brought to you by the  loan uk .

Use the A-Z alphabetical list to find definitions of key finance terms.Our aim is to provide the mostcomprehensive glossary of UK financial   terms on the internet

Obligatory Insurance

Same as conditional insurance.

Office Of Fair Trading (OFT)

It aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. It is headed by the director general of fair-trading, and one of its responsibilities is the administration and enforcement of the consumer credit act 1974. Any business planning to provide consumers with credit facilities, or refer them to a source of credit, or hire out goods, must first obtain a consumer credit licence from the OFT..

Open Market Value

The value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale.

Other Income

This is income in addition to basic annual salary or, in the case of self-employed, annual net profits.

Outgoings

This includes existing liabilities and, or your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc.

Outstanding Balance

The amount that is outstanding on your credit.

Outstanding Discount

For property purchased under the right to buy scheme at a discounted price, the value of the discount, or a portion of it, that has to be repaid to the local authority if the property is sold within a certain period of time, normally 3 years from date of purchase.

Overpaid Funds

The amount you have paid over your normal payments.

Occupational pension scheme

A scheme run by the employer for whom you work, to build up a retirement pension. The maximum pension under this kind of scheme is two-thirds of final salary.

Offer price

The price at which you buy shares or units.

Open-ended

Investment fund which has no set limit either in time or money.

Open-Ended Investment Company (Oeic)

An investment company fund set to replace unit trusts. The main differences are that they quote a single price rather than a bid/offer spread and have a company structure like investment trusts.

Operating profit

The profit that a company makes before the deduction of interest and tax.

Option

A contract which allows you to speculate about future share (or assets) price movements by giving you the option to buy or sell the shares at a set price on or before a set date. It is an option and not an obligation to buy or sell, therefore if you don't exercise the right within the agreed period, the option lapses. The right to buy is called a 'call option' and the right to sell is called a 'put' option.

These are the most common and largest type of shares issued by a company.

Orphan assets

These are the surplus assets which a life insurance company has once it has met all its liabilities to its policyholders and shareholders.

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