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Jargon Buster - F


The Financial Conduct Authority, who is responsible for regulating (together with the Prudential Regulation Authority) the financial services industry in the UK (including firms and financial advisers) so that markets and financial systems remain sound, stable and resilient and consumers are protected. The Financial Conduct Authority, 25 Colonnade, Canary Wharf, London E14 5HS.

FCA Handbook

The FCA Handbook of Rules and Guidance, as amended from time to time.

FCA Rules

The principles, rules and guidance issued by the FCA, as amended from time to time.

Final Level

The level of an Underlying that is used to calculate the final performance (i.e. the performance of the Underlying is its Final Level as a percentage of its Start Level).

Fitch Ratings

One of the main credit ratings agencies who will determine and distribute credit ratings for all major institutions. Fitch Ratings is a global leader in credit ratings and research. It is part of the Fitch Group, which operates in more than 30 countries globally. Fitch Ratings provides both short-term and long-term credit ratings; rating institutions on a sliding scale from 'AAA' to 'D', where 'AAA' denotes the highest level of financial strength and 'D' the lowest. The modifier '1' indicates that the obligation ranks in the higher end of its generic rating category; the modifier '2' indicates a mid-range ranking; and the modifier '3' indicates a ranking in the lower end of that generic rating category. Click here for a more in-depth breakdown of the ratings.


The Financial Services Compensation Scheme is the compensation fund of last resort for customers of authorised financial services firms. More information on the scheme, including when investors are covered, can be found at


The Financial Services and Markets Act 2000.

FTSE 100 Index

The FTSE 100 Index measures the capital growth of the shares of the 100 largest companies by market capitalisation listed on the London Stock Exchange. It is a widely used benchmark for the UK stock market.

We've put together a glossary of terminology associated with structured products.

While these are standard definitions, it's important that you read the relevant product literature before investing, as providers might use a slightly different definition to those detailed here.

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Representing the collective interests of leading structured product manufacturers in the UK

The UK Structured Products Association ('UKSPA') is a membership organisation established by the leading manufacturers of structured products in the UK. UKSPA provides a unified voice for its members, working with regulators, financial advisers and other trade bodies. It serves a number of important functions, including engaging with regulators, developing best practice guidelines, educating the investment community and providing a useful source of information for manufacturers, financial advisers and retail investors within the UK.

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