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Participation
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.

Plan
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).

PRA
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 www.bankofengland.co.uk/pra.

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.

Product
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').

Protection
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’.
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