See our definitions to help you understand financial and legal terms.
This is a new service and we are still building our library of terms - please let us know any comments or suggestions for new definitions in the page feedback section below.
Land banking scams
Land banking companies divide land into smaller plots to sell to investors who are told they'll make big profits on small plots of land once planning permission is granted or development started. But permission is often not granted or even applied for, and investors are left with land that's practically worthless. There are also follow-up scams where plot-holders are asked to pay more money to settle their holding once they realise they will never turn a profit. Land investments are not regulated by the FCA. Read more how to protect yourself from scams.
Litecoin
Litecoin is a type of cryptocurrency or electronic payment system that operates independently of a central bank. Read more about cryptoassets and how to protect yourself from scams.
Loan fee fraud
Fraudsters ask customers to pay a fee - usually between £25 and £450 - for a loan or credit they never receive. See more about how to protect yourself from loan fee fraud.
Logbook loan
A loan secured on a vehicle where the customer can continue using the vehicle, but ownership of the vehicle transfers to the lender until the loan is fully repaid.
London Interbank Offered Rate (LIBOR)
LIBOR is an interest rate benchmark that has been used to calculate interest payments for some mortgages. LIBOR is now being phased out. Read more about how this may impact some mortgages.