Tackling financial exclusion: A country that works for everyone? Contents

Appendix 4: Acronyms and glossary

ABCUL

Association of British Credit Unions Limited

APA

Alternative Payment Arrangements

APPG

All Party Parliamentary Group

APR

Annual Percentage Rate

ATM

Automated Teller Machine

BAYV

Buy As You View

BBA

British Bankers’ Association

CAP

Christians Against Poverty

CCEA

Council for the Curriculum, Examinations and Assessment

CDFIs

Community Development Finance Institutions

CFA

Consumer Finance Association

CfRC

Centre for Responsible Credit

CMA

Competition and Markets Authority

CPA

Continuous Payment Authority

CPAG

Child Poverty Action Group

CPD initiatives

Continuing Professional Development Initiatives

Credit Union

A not-for-profit co-operative offering affordable credit to its members, owned by its members.

CSFI

Centre for the Study of Financial Innovation

DDA

Disability Discrimination Act 1995

Debt to income ratio

A measure comparing an individual’s debt payments to an individual’s income.

DfID

Department for International Development

Digital exclusion

A difficulty, inability or reluctance to using online and digital services.

DLA

Disability Living Allowance

DWP

Department for Work and Pensions

EHRC

Equality and Human Rights Commission

FCA

Financial Conduct Authority

FIC

Financial Inclusion Commission

FinTech

Financial Technology

FSA

Financial Services Authority

HCSTC

High Cost Short Term Credit

HM Treasury

Her Majesty’s Treasury

JMLSG

Joint Money Laundering Steering Group

JSA

Job Seeker’s Allowance

LGA

Local Government Association

MAS

Money Advice Service

NAO

National Audit Office

OECD

Organisation for Economic Co-operation and Development

OFT

Office of Fair Trading

PAD

EU Payment Account Directive

PARs

Payment Account Regulations

Payday loan

A relatively small sum of money lent at a high rate of interest on the agreement that the borrower will repay the sum when they receive their next wages.

PIP

Personal Independence Payment

Regulatory Sandbox

An initiative by the Financial Conduct Authority that allows for a slightly lighter-touch approach to regulation for businesses to test out new financial products on the market without immediately having to meet all the usual regulations when doing so, while also ensuring that consumers are still protected. Businesses can apply to test out their products and services under the sandbox regime and a certain number are chosen for inclusion each time. The first cohort of applications to the sandbox closed in July 2016 and 18 products were accepted; the second will close in April 2017. Sandbox rules apply to a product for up to six months.

SMC

Social Mobility Commission

UC

Universal Credit

UKCU

UK Credit Unions

Unbanked

A situation whereby an individual does not have access to a bank account or equivalent service.

USdl

Universal Support Delivered Locally





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