Glossary of Legal Terms
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The people named in the Will to inherit from the estate of the person who has died.
All of the assets and belongings of the person who died, including property, shares, and savings.
An Executor is the person or people named in a Will to deal with the estate.
The Financial Conduct Authority is the regulatory body for financial services and advisors. Your advisor should be on the FCA register, which you can check online.
Mis-selling occurs when you are sold a product by a financial advisor that is unsuitable or involves too much risk for your circumstances.
The Grant needed if the person who died did not leave a valid Will. The person specified as the Administrator of the Will in the Grant is given authority to deal with the assets.
A Grant of Probate gives the Executors of the Will the authority to deal with assets such as bank accounts, shares, and property.
Introducers are not qualified financial advisors. There are a range of introducers who carry out the roles of brokers and sometimes introduce people into unsuitable schemes.
Self Invested Personal Pensions give consumers greater freedom to invest where they like and in what they like, including in higher risk products. This could lead to taking a far greater risk with your pension than you are either comfortable with or have the financial capacity to deal with.
Fiduciary duty refers to the legal obligation of an individual or entity, known as the fiduciary, to act in the best interests of another person or group, known as the beneficiary. The fiduciary is expected to prioritize the interests of the beneficiary above their own.