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Jargon Buster - P


The rate at which investors will receive performance in the Underlying, and usually expressed as a percentage. For example, a Participation rate of 150% means that investors will receive 150% of the Underlying’s performance


Most Structured Products available to UK retal investors are made available in ‘Plan’ format. This means that instead of holding the Structured Product directly, investors subscribe to a Plan, according to the Terms and Conditions of that Plan.

Plan Information

The information contained within a brochure for a Plan, which does not include the Terms and Conditions.

Plan Manager

The FCA-regulated company who is responsible for managing a Plan. They are responsible for a variety of duties, including the design, packaging and distribution of the Plan, as well as the fiduciary responsibility after the investment has been made. The Plan Manager may be a different company to the Issuer of the Structured Product that makes up the Plan.

Plan Objective

The objective of securing the return and repayment of capital as described in the brochure for a specific Plan.

Plan Opening Date

The date on which a Plan opens for investment and when applications will be accepted.

Plan Term

The lifespan of a Plan (from its Start Date to its End Date).


The Prudential Regulation Authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The role of the PRA is to promote the safety and soundness of these firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders. More information can be found at

PRA Handbook

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

PRA Rules

The PRA Rules means the Rules included within the PRA Handbook, which is issued by the PRA.


Another term for 'Plan'.

Product Term

The lifespan of a Product (from its Start Date to its End Date).

Product Type

Products are categorised as Growth or Income.

Protected Products

Protected products are those that promise to repay investors' capital in full at maturity (subject to 'counterparty risk').


Products are categorised as 'Protected' or 'Non-Protected'.

Protection Barrier

The level of an Underlying which, if breached, puts an investor’s capital at risk. For example, if a Structured Product has a Protection Barrier of 60%, if the Underlying falls to below 60% of its Start Level, the Structured Product will no longer protect the investor’s capital and they risk receiving back less than their original investment at maturity. The Protection Barrier can either be measured throughout the Investment Term, or at maturity only, depending on the specific terms for a Structured Product. It is sometimes simply referred to as ‘Barrier’.

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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