Glossary

ACC - Alliance of Claims Companies

The Alliance of Claims Companies was founded in September 2015 and is a collective group of Claims Management Companies, working together to promote fair customer outcomes. The ACC was formed to promote best practice and excellent customer service across the claims management sector and to ensure consumers receive redress where they have been let down or mis-sold by their bank, lender or service provider.

AMC - Agricultural Mortgage Corporation PLC

Formed in 1928 under the Agricultural Credits Act to provide long term mortgages for land and redeveloping farming and rural-based businesses. Initially jointly owned by the Bank of England and the main banks, it was purchased outright by Lloyds Bank in 1993 and is currently a wholly owned subsidiary of Lloyds Banking Group.

BMP - Bitmap

An image file type that can be uploaded via Update+ to send information to us.

BOS - Bank of Scotland

Not to be confused with The Royal Bank of Scotland (RBS), The Bank of Scotland PLC is a commercial and clearing bank based in Edinburgh. They have been a subsidiary of Lloyds Banking Group since 19 January 2009, when Halifax Bank of Scotland was acquired by Lloyds TSB.

Certified copy

A certified copy of a document is a version of a primary document that has been verified as a true copy by a professional or well-respected person. As a general rule this can be done at the Post Office, however if this is not possible then please call us on 01489 660 300 for alternative options.

CMR – Claims Management Regulator

A unit of the Ministry of Justice who work to protect and promote the interests of consumers and the public, and to ensure that regulated firms understand and comply with the conditions of their authorisation.

Co-Op - The Co-operative Bank

The Co-operative Bank provides high street and internet banking, current accounts, mortgages, savings accounts, credit cards and loans. In 2002 the parent company The Co-operative Group Limited brought the bank and the Co-operative Insurance Society under the control of a newly incorporated holding society, Co-operative Financial Services, which became the Co-operative Banking Group in 2011.

CV - Curriculum Vitae

A brief account of a person’s education, qualifications, and previous occupations; typically sent with a job application.

ERS Armed Forces Covenant

The Employer Recognition Scheme (ERS) is overseen by the Ministry of Defence and encourages employers to support defence personnel and inspire others to do the same. The bronze award, given to TFTP in 2016 is for organisations that pledge, demonstrate or advocate support to defence and the armed forces community, and align their values with the Armed Forces Covenant.

FAQs - Frequently Asked Questions

A list of questions and answers relating to a particular subject that are designed to provide clarification on areas of confusion.

FCA - Financial Conduct Authority

A financial regulatory body in the United Kingdom that operates independently from the UK government and financed by charging fees to members of the financial services industry. The FCA regulates financial firms, provides services to consumers and maintains the integrity of the UK’s financial markets. It focuses on the regulation of conduct by both retail and wholesale financial services firms. Like its predecessor the FSA (Financial Services Authority), the FCA is structured as a company limited by guarantee.

FOS - Financial Ombudsman Service

Established in 2000 and given statutory powers in 2001 by the Financial Services and Markets Act 2000, FOS helps settle disputes between consumers and UK-based businesses providing financial services. These include banks, building societies, insurance companies, investment firms, financial advisers and finance companies.

FSCS - Financial Services Compensation Scheme

The UK’s statutory compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 and funded by a levy on authorised financial services firms. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.

JPG/JPEG - Joint Photographic Experts Group

An image file type that can be uploaded via Update+ to send information to us.

LDC - Lloyds Development Capital

A mid-market private equity house and subsidiary of Lloyds Banking Group, established in 1981 as Lloyds Development Capital Limited. From 1999 to 2011, it was known as Lloyds TSB Development Capital Limited.

LOA - Letter of Authority

A form you need to sign for each claim we are handling for you. Your signature confirms you are happy for The Fair Trade Practice to work on your behalf.

M&S - Marks and Spencer

Major British multinational retailer headquartered in London. It specialises in the selling of finance, clothing, home products and luxury food products. They are one of the three voucher choices we give as a thank you for referring friends and family to check their finances for mis-sold PPI with us.

PBA - Packaged Bank Account

A bank account which charges a monthly or annual fee and includes a range of insurance and non-insurance based benefits. A typical account might offer travel insurance or mobile phone insurance, breakdown cover, preferential rates on overdrafts or loans or discounts on various products and services. Consumers usually pay between £5 and £25 each month for an account.

PDF - Personal Document File

An Adobe document file type that can be uploaded via Update+ to send information to us.

PPI - Payment Protection Insurance

An insurance product that enables consumers to insure repayment of credit if the borrower becomes ill or disabled, loses a job or faces an accident that prevents them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income or life insurance which covers a person in the event of death. PPI was widely sold by banks and other credit providers as an add-on to loans, credit cards, mortgages, store cards or an overdraft product.

PPIQ - Payment Protection Insurance Questionnaire

For each complaint we send on your behalf, we will spend time recording your best recollection of the grounds of mis-sale. The PPIQ is where all of these details will be documented.

RAF - Recommend A Friend

If you recommend friends and family who initiate a claims investigation with us, we’ll send you your choice of a £20 Amazon, M&S or Compliments voucher (subject to a maximum of 25 recommendations) as a thank you. For every five people you refer, you will receive a bonus £50 voucher as an additional thank you. Click here for our full Recommend a Friend Terms and Conditions or click here to submit a referral.

RBS - Royal Bank of Scotland

Not to be confused with Bank of Scotland (BOS), The Royal Bank of Scotland Group PLC is a banking and insurance holding company, based in Edinburgh. The group operates a wide variety of banking brands offering personal and business banking, private banking, insurance and corporate finance. In the UK and Ireland, its main subsidiary companies are The Royal Bank of Scotland, NatWest, Ulster Bank and Coutts.

S/c – Sort Code

A six-digit piece of information relating to bank accounts which identifies the bank and branch of an account.

Section F

The section F document is a form for you to sign confirming that everything documented in the PPIQ is correct and true information.

SMS – Short Message Service

A text messaging service and one of the methods of communication we use with our customers.

TFTP - The Fair Trade Practice

Simply the initialism of our name.

TIF - Tagged Image Format

An image file type that can be uploaded via Update+ to send information to us.

Ts & Cs – Terms and Conditions

Along with our Privacy Policy these govern your relationship with The Fair Trade Practice. Please read them carefully as they affect your rights and liabilities under the law. Our Terms and Conditions can be found here.

Update+

Our personal online claims management tool allows you 24/7 access to your claims, the ability to arrange a callback at a time convenient to you and visibility over the status of your recommendations. You will receive your unique registration link in an e-mail once you have returned your claims pack. If you have misplaced this you can sign up here.

VAT – Value Added Tax

A consumption tax on goods and services.

W/end - Week Ending

A term used to define a period of time covering the previous seven days.