Sealing Fee

A charge made by some lenders when they release their legal charge over the deeds.

Sector

This refers to how funds are grouped. A fund may be placed in a grouping by Country it invests in or the type of fund it is. E.g. funds which invest in America will be found in the American sector.

Securities

Another name for stocks and shares but also applies to any approved or registered financial instrument, such as bonds.

Securities and Investments Board

The overall regulator of financial services set up under the Financial Services Act 1986.

Seed Money

Funds provided to finance the initial stages of a new venture.

Segmentation

The option to take a proportion of the investment and leave the rest invested, i.e. to take 10% of your pension and leave the other 90% still invested.

Self-certification

Where no proof is available, prospective borrowers are sometimes allowed to vouch for their own income.

Self Regulating Organisation

A body authorised by the Securities and Investment Board to regulate and supervise investment business or financial service activities.

Self-Select

Referring to an ISA that invests in stocks and shares selected by the investor. Usually such an ISA is used by investors who wish to invest directly in shares. Some investors will also invest in Unit Trusts, however this is rarer, as usually it may be better value for Unit Trust Investors to invest directly with the Unit trust company.

Self-Select PEP

A general PEP where you can choose which funds you’d like to invest in.

Shares

Shares are listed on the stock exchange, which makes them easy to buy and sell. They are usually issued by a company to raise money. Unlike bonds, which are a straightforward loan, shares give you ownership of part of the company.

SIB

Securities and Investments Board.

Single Company PEP

A tax efficient investment, you can only invest in shares with one company.

SOFA

Society of Financial Advisers. A professional body linked to the Chartered Insurance Institute. Membership is open to those who have passed the Institute’s examinations for the Advanced Financial Planning Certificate.

Special Presentations

A service to inform a customer paying in a cheque that the payer’s bank will make the payment.

Spread (Bid Offer Spread)

The difference between the buying (offer) and selling (bid) prices of shares.

Stamp Duty

A duty, or tax imposed on paper and parchment used for certain writings , as deeds, conveyances, etc., the evidence of the payment of the duty or tax being a stamp.

Standard Variable Rate

The Standard Variable Rate is the rate which many mortgages revert to after the introductory offer fixed rate or discount period is over. They are the simplest and most traditional mortgage product with no upper or lower limit on the rate charged and the bank can raise or lower the rate at their discretion (though usually this is done broadly in line with the base rate).

Standing Order

Pre authorised payment in which the customer gives instructions to their bank to pay fixed sums at regular intervals or on defined dates.

Stocks and Shares ISA

This is an Individual Savings Account that invests in Stocks and Shares. The definition of Stocks and Shares can include Unit Trusts, Investment Trusts, Open Ended Investment Companies, investment on any recognised Stock Exchange, Corporate Bonds, Shares held in a savings related Share Option Scheme and Gilts.

Stock Exchange

A forum for the trading of stocks, shares and other securities. The London Stock Exchange is the main stock exchange in the United Kingdom.

Survey

An expert examination of the property you are considering buying, aimed at discovering any structural flaws or repairs needed which you may have failed to notice yourself.

Switching

Refers to moving an investment (or part of it) out of one fund and into another. When you switch you sell at the bid price and sell units in the new fund at the offer price.

Switch Card

A card that is linked to the UK Switch network. If you pay for goods and services with a Switch, card, the money leaves your account immediately.