A to Z of financial terms

A defined benefit (DB) pension, sometimes called a final salary pension, gives you a guaranteed lifetime income that usually increases each year to protect you against inflation. It may also continue being paid to your partner at a reduced rate when you die. See more about defined benefit pensions.

A defined contribution (DC) pension is a savings fund that you build up and can access after the age of 55 and use however you want (depending on what your scheme permits). A DC pension may be either in your work pension scheme or a personal pension scheme. See more on DC pension schemes at MoneyHelper. If you're over 50 you can also use MoneyHelper's Pension Wise service.

A deposit aggregator, also known as a 'savings platform' or 'savings marketplace', is a firm that helps you identify where to place your savings. Deposit aggregation isn’t regulated but some firms offering it may be due to how they deliver these services or because of other separate activities. Two ways firms offer this service: the ‘direct model’, where the deposit aggregator puts your money in a savings account in your own name; and the ‘trust model’ where the aggregator holds the savings account in a trust for you. In the ‘direct model’, for UK-based accounts with firms covered under the FSCS, your money is protected, if you’re eligible. In the ‘trust model’, eligibility for FSCS protection depends on the details of how the trust has been set up. If the deposit aggregator uses the ‘trust model’ you should ask this and how any protections, such as FSCS, apply before you place your money with them.

Derivative products can be either Contracts for Difference, Futures Contracts, or Options. Because they're high risk, they're not suitable for all customers. Our rules mean that these products must be marketed and sold appropriately to the right customers.

An organisation that authorises and supervises members of exempt professional firms. See our list of DPBs.

A type of legislation originating from the European Union that, before Brexit, was also part of UK law. (On the Financial Services Register, the permissions of EEA-authorised firms are referred to as directives.)