Search the glossary.

What is an ISA?Cash vs investing: different jobs, different trade-offs

ISA and taxAnnual reviewReviewed with compliance

Cash ISA

An ISA that holds cash savings, typically with interest and relatively stable value compared with investments, but still subject to provider and inflation risk.

Needed for simple save vs invest framing and to avoid implying that all ISAs involve investment risk.

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Client money / client assets

Money and investments that an authorised firm must hold separately from its own assets under FCA rules.

Explains primary protection mechanism for investment platforms and the role of FSCS as a backstop if there is a shortfall.

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How investments are held information

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How your investments are held

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyEvergreenReviewed with compliance

Clone firm

A fake firm set up by scammers that copies the name, address or Firm Reference Number of a genuine authorised firm.

Key scam risk when users rely only on the FCA Register; must be explained consistently with FCA ScamSmart wording.

Preferred wording

Clone firms are fake firms set up by scammers using the name, address or Firm Reference Number of a genuine authorised firm. If you choose to deal with a firm, use the contact details on the FCA Register and check the FCA Warning List - do not rely only on details given in emails, messages or adverts.

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Legitimacy checks information

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Trust and support

Diversification: why spreading investments matters

Investing basicsEvergreen

Diversification

Spreading money across different investments so that poor performance in one has less impact on the whole portfolio.

Important risk-mitigation concept that can be explained without prescribing asset-allocation formulas.

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Diversification guide

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Regulation and protectionEvergreenReviewed with compliance

Education vs advice (generic information)

General information or generic views about investing or tax that do not take account of an individual's circumstances and are not presented as the right course of action for them.

Needed for a standard 'educational, not advice' disclosure reused across Learn and other educational tools.

Preferred wording

This content is for general education. It does not take your personal circumstances into account and is not a personal recommendation or investment advice.

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Education and advice boundary information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyAnnual reviewReviewed with compliance

FCA Firm Checker

An FCA tool that lets consumers quickly see if a financial firm appears to be authorised and what it is permitted to do.

Used in scam-avoidance journeys; wording must not imply that a single check guarantees safety.

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Legitimacy checks information

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See trust and protection Use the FCA Firm Checker

Scams and legitimacyAnnual reviewReviewed with compliance

FCA Register

The FCA's public record of firms and individuals that are, or have been, authorised or registered to provide regulated financial services.

Anchor for 'check the firm' guidance; needs explicit caveat that clone-firm checks and Warning List use are also required.

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Legitimacy checks information

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How to check a firm is authorised and avoid clone scams

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyAnnual reviewReviewed with compliance

FCA Warning List

An FCA list of firms and investments that may be unauthorised or high risk and that consumers should generally avoid.

Important safeguard; must be clear that absence from the list does not mean a firm is safe or authorised.

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Legitimacy checks information

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See trust and protection Open the FCA Warning List

Investing basicsAnnual reviewReviewed with compliance

Fees and charges

The costs you pay for investing, such as platform/account fees, fund charges and dealing fees, which are taken from your money and reduce returns.

Underpins fee transparency, MiFID II/CCI-style disclosure and value-for-money messaging.

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Fees and charges information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

Fees and charges in simple terms

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See the fees section

Support and complaintsAnnual reviewReviewed with compliance

Financial Ombudsman Service (FOS)

An independent public body set up by Parliament to resolve disputes between financial businesses and their customers, free for consumers.

Central to complaints journeys; users must not be led to expect that FOS will automatically uphold or compensate every complaint.

Preferred wording

The Financial Ombudsman Service is an independent body that resolves disputes between consumers and financial businesses. It is free for consumers to use.

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Complaints and Ombudsman information

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There isn't a separate Learn article for this term yet.

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Read the complaints process See support and complaints

Regulation and protectionAnnual reviewReviewed with compliance

Financial promotion

A communication that includes an invitation or inducement to engage in investment activity and must be fair, clear and not misleading.

Determines when Learn content or in-app copy is treated as a regulated promotion and must meet FCA rules.

Preferred wording

You can invest through a stocks and shares ISA, which currently has tax advantages under UK rules. Investing involves risk: the value of investments can go down as well as up and you could get back less than you put in.

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Financial promotion information

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There isn't a separate Learn article for this term yet.

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FSCS protection for investments: what is (and isn't) covered Market loss vs firm failure: what protection can and can't do

Regulation and protectionAnnual reviewReviewed with compliance

Financial Services Compensation Scheme (FSCS)

The UK's statutory compensation scheme for customers of authorised financial firms that have failed; for investments it can usually compensate up to a stated limit per eligible person, per firm, but does not cover poor investment performance.

Central to protection messaging and highly sensitive to misstatement of scope and limits; must be treated as a backstop, not a guarantee against loss.

Preferred wording

The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of failed authorised firms. For investment business it can usually compensate up to the current limit per eligible person, per firm, and it cannot compensate for poor investment performance or normal market ups and downs.

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FSCS information

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See trust and protection Read the risk disclaimer

ISA and taxTax-year reviewReviewed with compliance

Flexible ISA

An ISA that allows money to be withdrawn and replaced in the same tax year without reducing that year's allowance, up to the amount withdrawn.

Frequently misunderstood rule; examples must be centrally governed and clearly linked to specific tax years and allowances.

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ISA allowance and tax information

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There isn't a separate Learn article for this term yet.

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ISA and taxAnnual reviewReviewed with compliance

Individual Savings Account (ISA)

A type of account set up under UK law that lets eligible individuals save or invest in a tax-advantaged way.

Core concept for ISA content; must align with HMRC/GOV.UK and avoid implying suitability or guarantees.

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What is an ISA? article and shared ISA label snippet

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What 'capital at risk' really means for your money How risk and time horizon work together when you invest

Investing basicsEvergreen

Investing

Using money to buy assets such as shares, bonds or funds that could grow in value or pay income over time.

Foundational concept for all Learn content and risk explanations. Misstatements can easily drift into promises of growth.

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Core investing guide

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What is investing?

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Investing basicsEvergreenReviewed with compliance

Investment risk

The chance that an investment's value may rise or fall, including the risk of losing some or all of the money invested.

Central to fair, clear and not misleading communications and to all capital-at-risk wording.

Preferred wording

Investments can go down as well as up and you could get back less than you put in; returns are not guaranteed.

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Risk warning information

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyEvergreenReviewed with compliance

Investment scam

A scheme where fraudsters try to persuade people to invest money in fake, misrepresented or unauthorised products or firms.

Supports ScamSmart-style education and links to clone-firm and authorisation checks.

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Scam checks guide and legitimacy information

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See trust and protection Read FCA ScamSmart guidance

ISA and taxTax-year reviewReviewed with compliance

ISA allowance

The maximum total amount that can be paid into ISAs in a given tax year, set by the government and subject to change.

All ISA articles and flows depend on this figure; must be centrally configured per tax year, not hard-coded.

Preferred wording

For the 2025 to 2026 tax year, the overall ISA allowance is £20,000 across all your ISAs.

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ISA allowance and tax information

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You'll usually see shorter versions on articles, support and help, the glossary.

There isn't a separate Learn article for this term yet.

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ISA and taxTax-year reviewReviewed with compliance

ISA tax treatment

Under current UK rules, income and gains from investments held in an ISA are not subject to UK income tax or capital gains tax, and normally do not need to be reported to HMRC.

High-risk area for over-simplified 'tax-free forever' language; must always be coupled with standard tax-treatment qualifiers.

Preferred wording

Under current UK rules, you do not pay UK income tax or capital gains tax on returns from investments held in an ISA, and you usually do not need to report ISA income or gains to HMRC. Tax rules can change and their effect depends on your individual circumstances.

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ISA allowance and tax information

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You'll usually see shorter versions on articles, support and help, the glossary.

There isn't a separate Learn article for this term yet.

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Regulation and protectionEvergreenReviewed with compliance

Personal recommendation (investment advice)

A recommendation that is presented as suitable for a particular person, or based on that person's circumstances, about buying, selling or holding an investment.

Anchors the advice vs education boundary; wording here constrains how Learn content can talk about what users 'should' do.

Preferred wording

This content is for general education. It does not take your personal circumstances into account and is not a personal recommendation or investment advice.

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Education and advice boundary information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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How to check a firm is authorised and avoid clone scams

Regulation and protectionAnnual reviewReviewed with compliance

Regulated firm (authorised firm)

A firm that is authorised or registered by the FCA or PRA to carry out specified regulated financial activities and appears on the FCA Register.

Underpins explanations of when FOS and FSCS may help and clarifies that authorisation does not make products risk-free.

Preferred wording

Most firms carrying out regulated financial services in the UK must be authorised or registered by the FCA or PRA. Authorisation means a firm must meet certain standards and follow rules, but it does not make investments risk-free or guarantee that a firm will never fail.

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Regulated status information

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What is a Stocks & Shares ISA?

ISA and taxAnnual reviewReviewed with compliance

Stocks and shares ISA

An ISA that holds investments such as shares, funds or bonds; values can go down as well as up, so you could get back less than you put in.

Differentiates investment risk from cash ISAs and from the tax wrapper; central to capital-at-risk wording.

Preferred wording

An ISA is a tax-efficient account or wrapper. It can give tax advantages, but it does not remove the risk that investments held inside it can go down in value.

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Stocks & Shares ISA article and shared ISA label snippet

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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ISA and taxEvergreenReviewed with compliance

Tax wrapper

A structure, such as an ISA, that holds investments in a way that can give tax advantages, without changing the underlying investment risk.

Prevents users treating the wrapper itself as a safe or low-risk investment; important for separating tax benefits from capital risk.

Preferred wording

An ISA is a tax-efficient account or wrapper. It can give tax advantages, but it does not remove the risk that investments held inside it can go down in value.

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ISA wrapper information

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How risk and time horizon work together when you invest

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Investing basicsEvergreen

Time horizon

How long you expect to hold an investment before needing the money.

Key factor in risk explanations; must not become a hard suitability threshold (e.g. 'only invest if 5+ years').

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Core risk guide

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ISA and taxTax-year reviewReviewed with compliance

UK tax year

The period for individual tax purposes running from 6 April to 5 April the following year, used to define ISA allowances and related rules.

Ensures copy refers correctly to timing of allowances and avoids confusion with calendar years.

Preferred wording

The UK tax year runs from 6 April to 5 April the following year.

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ISA allowance and tax information

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There isn't a separate Learn article for this term yet.

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Regulation and protectionAnnual reviewReviewed with compliance

Unregulated investment

An investment or product that is outside the FCA regulatory perimeter, so normal protections like FOS and FSCS usually do not apply.

Helps cautious investors understand that some high-risk products have far fewer protections, without implying illegality.

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Regulated status information

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How risk and time horizon work together when you invest

Investing basicsEvergreen

Volatility

Short-term ups and downs in the value of an investment or market.

Helps explain why values fluctuate and why users might see temporary losses on screen without implying future recovery.

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Core risk guide

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Back to Learn

Learn glossary

Search the glossary.

This glossary covers the core terms used across Learn. Wording on protection, tax, complaints, and legitimacy checks is kept consistent across the app.

Review note

Tax-year review before 6 April: ISA allowance, UK tax year, ISA tax treatment, Flexible ISA.

Featured terms

Capital at risk

A warning that the money you invest is not guaranteed and that you could get back less than you put in.

FCA expects capital-at-risk style warnings for mainstream investments; wording must be consistent across Learn and product surfaces.

Preferred wording

Capital at risk. The value of investments can go down as well as up, so you could get back less than you put in.

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Risk warning information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

What 'capital at risk' really means for your money

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What is an ISA?Cash vs investing: different jobs, different trade-offs

ISA and taxAnnual reviewReviewed with compliance

Cash ISA

An ISA that holds cash savings, typically with interest and relatively stable value compared with investments, but still subject to provider and inflation risk.

Needed for simple save vs invest framing and to avoid implying that all ISAs involve investment risk.

Main source

What is an ISA? article

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Glossary

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You'll usually see shorter versions on trust cards, support and help.

Trust and support

Regulation and protectionAnnual reviewReviewed with compliance

Client money / client assets

Money and investments that an authorised firm must hold separately from its own assets under FCA rules.

Explains primary protection mechanism for investment platforms and the role of FSCS as a backstop if there is a shortfall.

Main source

How investments are held information

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Compliance and Legal with Operations input

You'll usually see shorter versions on trust cards, support and help.

How your investments are held

Trust and support

How to check a firm is authorised and avoid clone scams

Scams and legitimacyEvergreenReviewed with compliance

Clone firm

A fake firm set up by scammers that copies the name, address or Firm Reference Number of a genuine authorised firm.

Key scam risk when users rely only on the FCA Register; must be explained consistently with FCA ScamSmart wording.

Preferred wording

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Legitimacy checks information

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Trust and support

Diversification: why spreading investments matters

Investing basicsEvergreen

Diversification

Spreading money across different investments so that poor performance in one has less impact on the whole portfolio.

Important risk-mitigation concept that can be explained without prescribing asset-allocation formulas.

Main source

Diversification guide

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You'll usually see shorter versions on trust cards, support and help.

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Regulation and protectionEvergreenReviewed with compliance

Education vs advice (generic information)

General information or generic views about investing or tax that do not take account of an individual's circumstances and are not presented as the right course of action for them.

Needed for a standard 'educational, not advice' disclosure reused across Learn and other educational tools.

Preferred wording

This content is for general education. It does not take your personal circumstances into account and is not a personal recommendation or investment advice.

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Education and advice boundary information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyAnnual reviewReviewed with compliance

FCA Firm Checker

An FCA tool that lets consumers quickly see if a financial firm appears to be authorised and what it is permitted to do.

Used in scam-avoidance journeys; wording must not imply that a single check guarantees safety.

Main source

Legitimacy checks information

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Glossary

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Compliance and Financial Crime

You'll usually see shorter versions on trust cards, support and help.

Trust and support

See trust and protection Use the FCA Firm Checker

Scams and legitimacyAnnual reviewReviewed with compliance

FCA Register

The FCA's public record of firms and individuals that are, or have been, authorised or registered to provide regulated financial services.

Anchor for 'check the firm' guidance; needs explicit caveat that clone-firm checks and Warning List use are also required.

Main source

Legitimacy checks information

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Glossary

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You'll usually see shorter versions on trust cards, support and help.

How to check a firm is authorised and avoid clone scams

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyAnnual reviewReviewed with compliance

FCA Warning List

An FCA list of firms and investments that may be unauthorised or high risk and that consumers should generally avoid.

Important safeguard; must be clear that absence from the list does not mean a firm is safe or authorised.

Main source

Legitimacy checks information

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Trust and support

See trust and protection Open the FCA Warning List

Investing basicsAnnual reviewReviewed with compliance

Fees and charges

The costs you pay for investing, such as platform/account fees, fund charges and dealing fees, which are taken from your money and reduce returns.

Underpins fee transparency, MiFID II/CCI-style disclosure and value-for-money messaging.

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Fees and charges information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

Fees and charges in simple terms

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See the fees section

Support and complaintsAnnual reviewReviewed with compliance

Financial Ombudsman Service (FOS)

An independent public body set up by Parliament to resolve disputes between financial businesses and their customers, free for consumers.

Central to complaints journeys; users must not be led to expect that FOS will automatically uphold or compensate every complaint.

Preferred wording

The Financial Ombudsman Service is an independent body that resolves disputes between consumers and financial businesses. It is free for consumers to use.

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Complaints and Ombudsman information

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There isn't a separate Learn article for this term yet.

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Read the complaints process See support and complaints

Regulation and protectionAnnual reviewReviewed with compliance

Financial promotion

A communication that includes an invitation or inducement to engage in investment activity and must be fair, clear and not misleading.

Determines when Learn content or in-app copy is treated as a regulated promotion and must meet FCA rules.

Preferred wording

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Financial promotion information

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You'll usually see shorter versions on trust cards, support and help.

There isn't a separate Learn article for this term yet.

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FSCS protection for investments: what is (and isn't) covered Market loss vs firm failure: what protection can and can't do

Regulation and protectionAnnual reviewReviewed with compliance

Financial Services Compensation Scheme (FSCS)

Central to protection messaging and highly sensitive to misstatement of scope and limits; must be treated as a backstop, not a guarantee against loss.

Preferred wording

Main source

FSCS information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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See trust and protection Read the risk disclaimer

ISA and taxTax-year reviewReviewed with compliance

Flexible ISA

An ISA that allows money to be withdrawn and replaced in the same tax year without reducing that year's allowance, up to the amount withdrawn.

Frequently misunderstood rule; examples must be centrally governed and clearly linked to specific tax years and allowances.

Main source

ISA allowance and tax information

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Glossary

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You'll usually see shorter versions on articles, support and help.

There isn't a separate Learn article for this term yet.

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ISA and taxAnnual reviewReviewed with compliance

Individual Savings Account (ISA)

A type of account set up under UK law that lets eligible individuals save or invest in a tax-advantaged way.

Core concept for ISA content; must align with HMRC/GOV.UK and avoid implying suitability or guarantees.

Main source

What is an ISA? article and shared ISA label snippet

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You'll usually see shorter versions on trust cards, support and help.

Trust and support

What 'capital at risk' really means for your money How risk and time horizon work together when you invest

Investing basicsEvergreen

Investing

Using money to buy assets such as shares, bonds or funds that could grow in value or pay income over time.

Foundational concept for all Learn content and risk explanations. Misstatements can easily drift into promises of growth.

Main source

Core investing guide

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Glossary and related article

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Editorial

You'll usually see shorter versions on trust cards, support and help.

What is investing?

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Investing basicsEvergreenReviewed with compliance

Investment risk

The chance that an investment's value may rise or fall, including the risk of losing some or all of the money invested.

Central to fair, clear and not misleading communications and to all capital-at-risk wording.

Preferred wording

Investments can go down as well as up and you could get back less than you put in; returns are not guaranteed.

Main source

Risk warning information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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How to check a firm is authorised and avoid clone scams

Scams and legitimacyEvergreenReviewed with compliance

Investment scam

A scheme where fraudsters try to persuade people to invest money in fake, misrepresented or unauthorised products or firms.

Supports ScamSmart-style education and links to clone-firm and authorisation checks.

Main source

Scam checks guide and legitimacy information

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You'll usually see shorter versions on trust cards, support and help.

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See trust and protection Read FCA ScamSmart guidance

ISA and taxTax-year reviewReviewed with compliance

ISA allowance

The maximum total amount that can be paid into ISAs in a given tax year, set by the government and subject to change.

All ISA articles and flows depend on this figure; must be centrally configured per tax year, not hard-coded.

Preferred wording

For the 2025 to 2026 tax year, the overall ISA allowance is £20,000 across all your ISAs.

Main source

ISA allowance and tax information

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Glossary, trust, and disclosures

Reviewed by

Tax and Compliance

You'll usually see shorter versions on articles, support and help, the glossary.

There isn't a separate Learn article for this term yet.

Trust and support

ISA and taxTax-year reviewReviewed with compliance

ISA tax treatment

Under current UK rules, income and gains from investments held in an ISA are not subject to UK income tax or capital gains tax, and normally do not need to be reported to HMRC.

High-risk area for over-simplified 'tax-free forever' language; must always be coupled with standard tax-treatment qualifiers.

Preferred wording

Main source

ISA allowance and tax information

Shown on

Glossary, trust, and disclosures

Reviewed by

Tax and Compliance

You'll usually see shorter versions on articles, support and help, the glossary.

There isn't a separate Learn article for this term yet.

Trust and support

Regulation and protectionEvergreenReviewed with compliance

Personal recommendation (investment advice)

A recommendation that is presented as suitable for a particular person, or based on that person's circumstances, about buying, selling or holding an investment.

Anchors the advice vs education boundary; wording here constrains how Learn content can talk about what users 'should' do.

Preferred wording

This content is for general education. It does not take your personal circumstances into account and is not a personal recommendation or investment advice.

Main source

Education and advice boundary information

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Compliance and Legal

You'll usually see shorter versions on trust cards, support and help, the glossary.

Trust and support

How to check a firm is authorised and avoid clone scams

Regulation and protectionAnnual reviewReviewed with compliance

Regulated firm (authorised firm)

A firm that is authorised or registered by the FCA or PRA to carry out specified regulated financial activities and appears on the FCA Register.

Underpins explanations of when FOS and FSCS may help and clarifies that authorisation does not make products risk-free.

Preferred wording

Main source

Regulated status information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

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What is a Stocks & Shares ISA?

ISA and taxAnnual reviewReviewed with compliance

Stocks and shares ISA

An ISA that holds investments such as shares, funds or bonds; values can go down as well as up, so you could get back less than you put in.

Differentiates investment risk from cash ISAs and from the tax wrapper; central to capital-at-risk wording.

Preferred wording

An ISA is a tax-efficient account or wrapper. It can give tax advantages, but it does not remove the risk that investments held inside it can go down in value.

Main source

Stocks & Shares ISA article and shared ISA label snippet

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Glossary, trust, and disclosures

Reviewed by

Tax and Compliance

You'll usually see shorter versions on trust cards, support and help, the glossary.

Trust and support

ISA and taxEvergreenReviewed with compliance

Tax wrapper

A structure, such as an ISA, that holds investments in a way that can give tax advantages, without changing the underlying investment risk.

Prevents users treating the wrapper itself as a safe or low-risk investment; important for separating tax benefits from capital risk.

Preferred wording

An ISA is a tax-efficient account or wrapper. It can give tax advantages, but it does not remove the risk that investments held inside it can go down in value.

Main source

ISA wrapper information

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You'll usually see shorter versions on trust cards, support and help, the glossary.

How risk and time horizon work together when you invest

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Investing basicsEvergreen

Time horizon

How long you expect to hold an investment before needing the money.

Key factor in risk explanations; must not become a hard suitability threshold (e.g. 'only invest if 5+ years').

Main source

Core risk guide

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Editorial

You'll usually see shorter versions on trust cards, support and help.

Trust and support

ISA and taxTax-year reviewReviewed with compliance

UK tax year

The period for individual tax purposes running from 6 April to 5 April the following year, used to define ISA allowances and related rules.

Ensures copy refers correctly to timing of allowances and avoids confusion with calendar years.

Preferred wording

The UK tax year runs from 6 April to 5 April the following year.

Main source

ISA allowance and tax information

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Tax and Compliance

You'll usually see shorter versions on articles, support and help.

There isn't a separate Learn article for this term yet.

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Regulation and protectionAnnual reviewReviewed with compliance

Unregulated investment

An investment or product that is outside the FCA regulatory perimeter, so normal protections like FOS and FSCS usually do not apply.

Helps cautious investors understand that some high-risk products have far fewer protections, without implying illegality.

Main source

Regulated status information

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Compliance and Legal

You'll usually see shorter versions on trust cards, support and help.

There isn't a separate Learn article for this term yet.

Trust and support