A to Z of financial terms

See our definitions to help you understand financial and legal terms.

First published: 20/03/2023 Last updated: 20/03/2023

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.

Temporary Permissions Regime (TPR)

The TPR allows EEA-based firms to continue operating in the UK for up to 3 years after the end of the Brexit transition period, if they told us they wanted to. By the end of 2023, firms will need to get full authorisation to operate in the UK or have cancelled their temporary permission. Find out more about dealing with an EEA firm in the TPR.

Tied agent

Acts on behalf of an EEA investment firm. Tied agents can promote and provide advice on investment services, and receive instructions from clients for investments. The EEA investment firm is responsible for the agent's activities when they're acting as a tied agent (see also agent).

Traded life policy investment (TLPI)

TLPIs are complex products. They're also known as ‘death bonds’ because the ultimate investments are in life assurance policies, typically of US citizens. Investors hope to benefit by buying the rights to the insurance pay-outs on the deaths of the original policyholders. Because TLPIs are high risk, they cannot be promoted to the general public in the UK but only to limited types of investors, such as high-net-worth or sophisticated investors.

Trail commission

Trail commission was an annual fee paid to financial advisers by their customers over the lifetime of products. Advisers cannot receive commission – including trail commission – on new investment products purchased after 31 December 2012. If you received financial advice or used an intermediary to buy an investment product before 31 December 2012, you may be paying trail commission. Find out what you can do to stop or reduce the amount you're paying.

Transfer value

Transfer value is the amount you'd get if you chose to transfer your defined benefit (DB) pension to a defined contribution (DC) pension. You can get a transfer value from your DB pension scheme provider, but it's only guaranteed for 3 months. It may go up or down if it's recalculated. Read more about what to expect if you get pension transfer advice.