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Glossary

Please see below for a glossary of commonly used financial terms.

Absolute return

The change in an asset’s value over a defined period of time in simple terms – in contrast to a relative return, which measures the change in value compared with something else – usually a market index such as the FTSE 100.

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ACD

Authorised corporate director. The officially designated manager of an OEIC or ICVC, who is obliged to comply with FCA regulations.

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Active management

An investment style that is designed to exceed the return of a benchmark index. The portfolio of an active manager should look different to the benchmark it is judged against. See also passive management.

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Active strategy

Strategy that uses active management techniques.

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Annual General Meeting (AGM)

A yearly meeting between shareholders and the directors of the company, where shareholders have the opportunity to attend, ask questions and vote either in person or electronically on the items presented.

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Asset backed securities (ABS)

Bonds that are based on a claim over specific assets or cashflows and are sometimes therefore seen as lower risk than unsecured bonds.

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Asset manager

A financial institution that is responsible for managing financial investments on behalf of asset owners.

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Asset owner

An institution (or individual) that owns assets but entrusts day-to-day investment decisions to asset managers, typically supported by detailed mandates and policies.

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Assets under management (AUM)

The total of internal assets managed by Royal London Asset Management on behalf of the Royal London Group and external clients.

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Benchmark

A performance target for investments. This is usually an index or a peer group (an acknowledged selection of similar investments).  

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Bonds

Defined as fixed income investments issued as debt by companies and public bodies to raise finance. Investors in bonds receive a previously agreed, non-variable interest payment (known as coupon) until the investment matures and the initial investment (or principal) is re-paid. Corporate bonds are those issued by companies to raise finance.

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Bond fund

 A portfolio composed of fixed income investments.

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Capital growth

The rise over time of an investment’s value.

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Capital preservation / protection

A conservative approach that prioritises protecting against capital loss over maximising potential gains.

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Capital return

The measured performance of an investment according to its change in value over time, without factoring in dividends or any other income.

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Carbon equivalent emissions (CO2e)

The release of greenhouse gases (GHGs) into the atmosphere using the universal unit of measurement to indicate the global warming potential (GWP) of each of the seven greenhouse gases, expressed in terms of the GWP of one unit of carbon dioxide (Source: GHG Protocol).

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Carbon footprint

The emissions intensity of an investment portfolio, expressed in tCO2e/$m invested. Financed emissions is divided by the portfolio value. The resulting indicator measures absolute emissions generated for each dollar invested in the fund.

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Cash investments

More liquid, short-term, low-return investments, usually providing a return via interest payments.

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Certificates of deposit (CD)

Tradeable documentation provided by a bank, certifying money deposited at a given interest rate.

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Climate physical risk

Risks directly or indirectly related to the physical impacts of climate change.

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Climate transition risk

Risks related to market adjustments resulting from the transition to a low-carbon economy

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Closed-end investment company

A type of pooled investment, such as an investment trust, which issues a finite number of shares that are then listed on a stock exchange.

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Collateralisation

Investments that protect themselves against risk by associating with other assets.

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Collective investment schemes

Where a manager collects the money from multiple investors and uses this pool to buy stocks, bonds or other assets.

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Commercial mortgage-backed securities (CMBS)

Investments that are backed by mortgages for commercial rather than residential property.

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Commercial paper

Short-term corporate bonds.

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Commodities

Resources-related physical investments like oil, gold or wheat.

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Common stock

A share that represents partial ownership of a company. Common stock gives the owner a lower level of ownership from holders of preferred stock. Also known as ordinary shares.

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Convertible stocks

Preferred shares that come with an option to be converted to common stock at a future date.

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Corporate bonds

Fixed income investments issued by a company as a way to raise finance.

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Cost and Charges Sheet

A regulatory document that was recently introduced as part of the new MiFID II regulations. The Cost and Charges sheet includes information on the OCFs and Transaction Costs.

Our Cost and Charges sheets are available in the Our funds section of our websites.

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Coupon

Annual payments made to a bondholder.

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Covered bonds

Bonds issued by mortgage lenders. The bonds are secured on the underlying mortgage payments, meaning that if the issuer fails to meet coupons, the bondholder has claim over the underlying assets. These bonds are regulated by the Bank of England, and are subject to various restrictions aimed at ensuring that these are high quality, resilient bonds.

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CPI

Consumer Price Index. For UK investors, this is one of two common inflation measures (the other being RPI). Measures the average rise in prices of a predetermined list of consumer goods or services.

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Climate Transition Plan

A transition plan is integral to an entity’s overall strategy, setting out its plan to contribute to and prepare for a rapid global transition towards a low GHG-emissions economy in a manner that is consistent with its constitutional documents and the duties of its directors and senior managers. (Source: Transition Plan Taskforce).

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Debt securities

See bonds.

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Derivatives

Investments that derive their value from another underlying investment.

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Developed markets

Countries with more advanced economies. Developed markets according to the MSCI classification include the UK, US, Hong Kong and most eurozone countries.

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Diversification

Investing in multiple asset classes or sectors in order to reduce risk.

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Duration

An investment’s sensitivity to interest rate changes.

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Economies of scale

Sometimes increasing size can reduce costs. For instance, in an investment fund, as a fund gets larger.

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Efficient Portfolio Management

A list of approved investment techniques, including the use of derivatives, used to protect against excessive risk, reduce cost or generate extra income or growth.

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Emerging markets

Markets in the developing world that are more advanced than frontier markets. Emerging markets according to MSCI classification include China, Russia, India and Brazil.

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Environmental, social and governance (ESG)

Three key aspects of sustainability. Financially material ESG risks and opportunities being embedded into investment and operational decisions.

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Equities

Stocks listed on an exchange.

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Equity fund

A portfolio that invests in equities.

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ESG

Environmental, social and governance. A list of predefined criteria that determines how a company operates in terms of sustainability and overall corporate governance.

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ESG integration

The systematic, explicit and transparent integration of material ESG considerations into the processes for investment research, analysis and decision-making

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Ethical criteria

Predefined restrictions on sectors or asset classes that a manager may invest in.

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Exchange

A market where stocks or other investments are traded.

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Exchange rate

One currency’s value compared with another’s.

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Exchange-traded funds (ETFs)

A fund that is tradeable on an index in a similar way to individual shares. ETFs track other indices and provide a lower-cost method of diversifying a portfolio.

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Exclusions

Explicitly prohibit investing in a particular company, sector, business activity, country or region.

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FCA

Financial Conduct Authority. The UK’s regulator of the finance industry.

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Financed emissions

The absolute emissions associated with the investments in the portfolio, expressed in tCO2e. Emissions are attributed to a portfolio based on the portion of the company’s value that the portfolio holds, using Enterprise Value Including Cash (EVIC) for publicly listed corporates.

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Floating rate notes

A fixed income investment with a flexible interest rate linked to a benchmark rate, such as the federal funds rate.

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Forward contract/transaction

Agreement to buy or sell an investment at a fixed time in the future at a price agreed in the present.

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FTSE 100

Financial Times Share Index. A list of the top 100 UK companies, ranked by market capitalisation.

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Gilts

Another name for UK government bonds, so-named as the certificates historically issued for government bonds had gilt edges.

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Global Depositary Receipts (GDR)

Tradeable bank certificate that represents shares in a company registered in a different country from that of the issuing bank.

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Global Real Estate Sustainability Benchmark (GRESB)

The annual GRESB survey is recognised as a measure of sustainability performance. It is the leading ESG global benchmark for real estate and infrastructure investments. It is used as a key decision-making tool for investors, asset managers and the wider industry. GRESB assessments are based on seven sustainability aspects, including information on performance indicators, such as energy, GHG emissions, water and waste.

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Government and public bonds

Bonds issued by governments or public bodies, not by corporations.

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Greenhouse gas (GHG)

The seven gases included in the GHG Protocol include carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3). (Source: GHG Protocol).

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Growth investing

A style of investing that focuses on companies that are growing faster than average. Growth companies typically reinvest profits to support this faster growth, meaning dividends tend to be lower than average.  

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Hedging

Reducing risk by protecting an investment with another related investment.

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Income

A form of payment generated by an investment, such as dividends (paid on shares) or coupons (paid on bonds).

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Income investing

Investment style that focuses on generating attractive income, while still having some potential for capital growth.

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Index linked bonds

Fixed income investments that are closely tied to an index of consumer prices/inflation.

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Inflation

The average rise in prices of a predetermined list (or ‘basket’) of goods.

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Interest rates

The cost of borrowing and using money. These are set by central banks and are expressed as a percentage owed of the amount borrowed.

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Interest rate risks or exchange rate risks

Risks associated with changes in the level of interest rates or the difference between the comparative value of different countries’ currencies.

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Investment grade bonds

Bonds that have been assessed by credit ratings agencies, and which are deemed to be higher quality (and less likely to default).

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Large cap

Large capitalisation. These are the largest companies by stock market value, or capitalisation (measured as the number of shares in issue multiplied by the price per share). In the UK, the FTSE 100 is seen as a proxy for large cap UK companies.

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LIBOR

London Interbank Offered Rate. The average interest rate at which London banks will borrow from each other in a given currency.

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Liquid assets

Assets that are considered to be easily tradeable.

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Liquidity

The availability of money for lending or ease of use/buying/selling an investment.

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Long-term debt

Fixed income investments with a long maturity, typically of 15 years or more.

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Market capitalisation

The number of a company’s shares multiplied by their price to give an overall value of a company.

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Maturity

The time at which the principal and all interest related to a bond are to be paid.

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Medium-term debt

Fixed income investments with a maturity that is neither short nor long, typically 5-15 years.

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Mid cap

A description typically used in the UK only, for medium sized companies that make up the FTSE 250 index.

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Money market instruments

Short-term, more liquid investments of high quality, issued by public bodies or corporations.

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Multi-asset / multi-asset strategies

Investment approaches that use different asset classes – like shares, bonds and cash – in one portfolio.

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Mutual

A company owned by its member customers rather than shareholders. A member of a mutual company can vote at its Annual General Meeting.

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Net zero

Net zero is achieved when an organisation reduces the majority of its GHG emissions in line with latest climate science, and offsets the remaining hard-to-abate residual emissions using carbon removal credits.

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Non-sterling bonds

Bonds denominated in currencies other than sterling.

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OEIC

Open-ended investment company. A legal structure used for creating and managing investment funds. The OEIC is an ‘umbrella’ structure, with individual sub-funds underneath.

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Overseas corporate bonds / overseas government bonds

Bonds from countries other than the UK.

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Paris Agreement

The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in December 2015. Its central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5°C. (Source:  NFCC).

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Parker Review

An independent review first commissioned in 2015 to consult on the ethnic diversity of UK boards. The review considers and sets targets on how to improve the ethnic and cultural diversity of UK boards to better reflect their employees and the communities they serve.

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Passive management

A technique that aims to match benchmark performance rather than beat it, by holding the same securities as that underlying benchmark.

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Portfolio

See fund.

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Preferred stock

Also known as preference shares. Gives an investor in a company a higher priority and greater protection than common stock.

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Price / earnings (pe) ratio

A measure that takes the price of a share and divides it by its earnings per share. Allows investors to measure the value of one company relative to another. Can be looked at for individual companies as well as at aggregate market level. There are a number of variations on the basic p/e ratio, such as the Shiller pe ratio – which uses 10-year, inflation adjusted earnings.

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Primary market

The new issue market. So bonds or shares trade for the first time through the primary market, after which they are bought and sold on the secondary market.

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Principal

The original payment by an investor to the issuer of a bond. This amount is paid back at the date of maturity.

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ProfitShare

An allocation of part of the Royal London Group’s operating profits by means of a discretionary enhancement to asset shares and unit fund values of eligible policies.

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Quoted stocks

Stocks that are listed with a value on an exchange.

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Rating

Companies can pay for a rating on its bonds by a ratings agency such as Moody’s or Standard & Poor’s. The rating reflects the likelihood of default (coupons not being paid) on the specific bonds.

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Renewable energy

Energy derived from natural sources that replenish at a higher rate than they are consumed.

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Repo

A process of selling a bond and simultaneously agreeing to buy it back at a set point and price in the future, typically the next day. The difference in price is the implicit lending rate. This process is used by banks and other market participants as secured short-term lending / borrowing.

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Residential mortgage-backed securities (RMBS)

Investments that are backed by mortgages for residential rather than commercial property.

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Reverse repurchase agreements

Investments that are made on the understanding they will be sold at a higher price in future.

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RPI

Retail Price Index. For UK investors, this is one of two common inflation measures (the other being CPI). Measures the average rise in prices of a predetermined list of consumer goods. List is slightly different to CPI – RPI includes mortgage costs, for example, whereas CPI does not.

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Scope 1, 2 and 3 emissions

Scope 1 - GHG emissions directly resulting from our business activities. For example, from company cars and direct emissions from air conditioning units.
Scope 2 - Indirect GHG emissions through our energy consumption. For example, resulting from fossil fuels burned to produce the electricity used to provide heat, light and power technology within our offices.
Scope 3 - All other GHG emissions indirectly produced as a result of our business activities. This category includes emissions from our value chain and the entirety of our portfolio emissions.

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Secondary market

Market where investments are bought and sold by those who already own them as opposed to primary market (issuance).

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Securities

Investments, basically.

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Shareholder proposal

A formal resolution submitted by a shareholder of a company for consideration and voting at the company AGM or special shareholder meeting.

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Short-term debt

Fixed income investments with a relatively short maturity, typically five years or less.

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Small cap

Stocks of companies that are listed but not among the largest – often represented in specialist indices such as the FTSE SmallCap index in the UK.

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SONIA

Sterling Overnight Interbank Average. The average overnight interest rate UK banks pay for unsecured transactions in sterling, and a proxy for the overnight lending rate available in the market.

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Sovereign bonds

Fixed income investments issued by governments.  

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Spreads

The additional yield available on a bond over an equivalent government bond. Seen as the additional potential reward for the increased credit risk.

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Standard deviation

A statistical term used when looking at market or fund prices and how these move relative to the average. A higher standard deviation denotes greater movements and hence higher volatility.

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Sterling-denominated fixed income securities

Bonds issued in sterling.

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Stewardship

The responsible allocation, management and oversight of our customers’ and clients’ money to create long-term value, supporting more sustainable benefits for the economy, the environment and society

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Stocks / shares

Two words that mean the same thing, i.e. equities or common stock.

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Sub-investment grade securities / non-investment grade

Bond with a lower rating than investment grade. A greater risk of default usually means a higher yield.

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Supranational bonds

Fixed income investments issued by an international union of countries, sometimes for the purpose of developing economic ties.

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Time deposits

Deposit that can only be removed after a certain date or time period.

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Total Return

A combination of capital growth and income. Capital growth is defined as the rise in an investment’s value over time and income as the payment an investment generates, such as dividends or bond coupons.

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Tracking error

The difference between the return of a fund and the reference or benchmark index.

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Transferable Securities

Securities that can be readily transferred between two investors.

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Treasury Bills (T-bills)

Zero coupon debt instruments issued by governments, T-bills are offered at a discount to their par (face) value. The investor receives the difference between the purchase price of the security and par value when the bill matures.

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Treasury Inflation Protected Securities

Index linked bonds issued by the US government.

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UK Corporate Governance Code

A comply-or-explain code of corporate governance principles applicable to all companies with a premium listing on the London Stock Exchange. The UK listing rules require that companies must apply the principles of the Code or explain how their alternative approach upholds high standards of corporate governance.

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UK Stewardship Code

The Financial Reporting Council’s (FRC) UK Stewardship Code is a voluntary code focusing on improving responsible investment and stewardship disclosure; setting principles for asset owners, asset managers and service providers. Submissions to the Code are annual and assessed by the FRC before the list of successful signatories are published on its website.

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Unrated (debt securities)

Bonds that haven’t been assessed and rated by one of the key ratings agencies – typically because the company issuing the bond has not paid the ratings agencies to do this.

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Value investing

An investment style targeting stocks that are being bought and sold at prices lower than their intrinsic value, i.e. that are undervalued by the market. Typically (but not always) these companies may be more established, and generating cashflows that can support dividend payments.

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Volatility

Movements up or down in a market index or price of a bond, equity or fund.

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Weighted average carbon intensity (WACI)

A portfolio’s exposure to carbon-intensive companies, expressed in tCO2e/$M revenue. Scope 1 and Scope 2 GHG emissions are divided by companies’ revenues, then multiplied based on portfolio weights (the current value of the investment relative to the current portfolio value).

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Women in Finance Charter

This is a pledge for gender balance across financial services. This is a commitment by HM Treasury and signatory firms to work together to build a more balanced and fair industry. The Charter reflects the government’s aspiration to see gender balance at all levels across financial services firms.

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Terms and conditions

Terms and conditions

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Please read the terms and conditions before proceeding. 

Last modified: 14 January 2025

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  • loss of business opportunity, goodwill or reputation; or 
  • any indirect or consequential loss or damage.

If you are a consumer user, please note that we only provide this Website for domestic and private use. You agree not to use this Website for any commercial or business purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity. We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of this Website or to your downloading of any content on it, or on any website linked to it.

This Website may contain links to other websites. We assume no responsibility for the content of websites linked on this Website. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them.

Different limitations and exclusions of liability will apply to liability arising as a result of the supply of any products or services by us to you, which will be set out in the relevant product or service terms and conditions.

If, notwithstanding the other provisions of these Terms and Conditions, we are found to be liable to you for any damage or loss (including through negligence) which arises in any way out of, or is in any way connected with, your use of this Website, any content or service, our liability (save as prohibited by applicable law) shall in no event exceed the greater of the total of any amounts paid by you to us in relation to the part of this Website, content, product or service to which the claim relates in the six (6) months prior to the date of the initial claim and £100.00.

Viruses, hacking and other offences

You are responsible for configuring your information technology, computer programs and platform in order to access this Website. You should use your own virus protection software.

You must not misuse this Website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to this Website, the server on which this Website is stored, or any server, computer or database connected to this Website. You must not attack this Website via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use this Website will cease immediately.

We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of this Website or to your downloading of any material posted on it, or on any website linked to it.

Linking to this Website

You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it.

You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.

You must not establish a link to this Website in any website that is not owned by you.

This Website must not be framed on any other website, nor may you create a link to any part of this Website other than the home page.

We reserve the right to withdraw linking permission without notice.

Third party links and resources in this Website

Where this Website contains links to other websites and resources provided by third parties, these links are provided for your information only.

We have no control over the contents of those websites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.

FTSE indices terms of use

We, and/or the Royal London Group, use indices of FTSE (“FTSE Indices”).The Funds have been developed solely by us. The Funds are not in any way connected to, or sponsored, endorsed, sold or promoted by, the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Indices vest in the relevant LSE Group company which owns the FTSE Index. “FTSE®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The FTSE Index is calculated by, or on behalf of, FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in, the FTSE Index or (b) investment in, or operation of, the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds, or the suitability of the FTSE Index for the purpose to which it is being put by Royal London Asset Management Limited.

JP Morgan indices terms of use

We, and/or the Royal London Group,  use indices of JP Morgan (“JP Morgan Index”). Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The JP Morgan Index is used with permission. The JP Morgan Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2018, J.P. Morgan Chase & Co. All rights reserved.

Barclays and Bloomberg indices terms of use

We, and/or the Royal London Group, use indices of Bloomberg and Barclays (“Bloomberg and Barclays Indices”). BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg and Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI indices terms of use

We, and/or the Royal London Group, use indices of MSCI (“MSCI Indices”). The Funds are not sponsored, endorsed, sold or promoted by MSCI INC. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the “MSCI Parties”). The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI Index names are service mark(s) of MSCI or its affiliates and have been licenced for use for certain purposes by the Royal London Mutual Insurance Society Limited and/or its subsidiary companies. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or owners of the Funds or any other person or entity regarding the advisability of investing in funds generally, or in the Funds particularly, or the ability of any MSCI Index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Indexes which are determined, composed and calculated by MSCI without regard to the Funds or the issuer or owners of the Funds or any other person or entity.

None of the MSCI Parties has any obligation to take the needs of the issuer or owners of the Funds or any other person or entity into consideration in determining, composing or calculating the MSCI Indexes. None of the MSCI Parties is responsible for, or has participated in, the determination of the timing of, prices at, or quantities of the Funds to be issued, or in the determination or calculation of the equation by, or the consideration into, which Funds are redeemable. Further, none of the MSCI Parties has any obligation or liability to the issuer or owners of the Funds or any other person or entity in connection with the administration, marketing or offering of the Funds.

Although MSCI shall obtain information for inclusion in, or for use in the calculation of, the MSCI Indexes from sources that MSCI considers reliable, none of the MSCI Parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI Parties makes any warranty, express or implied, as to results to be obtained by the issuer of the Funds, the owners of the Fund, or any other person or entity, from the use of any MSCI Index or any data included therein. None of the MSCI Parties shall have any liability for any errors, omissions or interruptions of, or in connection with, any MSCI Index or any data included therein. Further, none of the MSCI Parties makes any express or implied warranties of any kind, and the MSCI Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ICE indices terms of use

We, and/or the Royal London Group, use indices of ICE Data LLC (“ICE Data Indices”). ICE Data Indices are used with permission.

ICE Data LLC, its affiliates and their respective third-party suppliers, disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the ICE Data Indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data LLC, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the ICE Data Indices or the index data or any component thereof, and the ICE Data Indices and index data and all components thereof are provided on an “as is” basis and Royal London Mutual Insurance Society Limited’s use is at its own risk. ICE Data LLC, its affiliates and their respective third-party suppliers do not sponsor, endorse, or recommend Royal London Mutual Insurance Society Limited and/or its subsidiary companies, or any of its products or services.

Sterling Overnight Index Average (SONIA) terms of use

Source: BofE

The “SONIA” mark is used under licence from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England. “Bank of England” and “SONIA” are registered trademarks of the Bank of England.

General

If we fail at any time to insist upon strict performance of any of your obligations under these Terms and Conditions, or if we fail to exercise any of the rights or remedies to which we are entitled under these Terms and Conditions, this shall not constitute a waiver of such rights or remedies and shall not relieve you from compliance with such obligations.

You agree that no joint venture, partnership, employment, or agency relationship exists between you and us as a result of these terms of use or use of this Website.

Nothing in these Terms and Conditions shall confer, or is intended to confer, on any person or corporation that is not party to these Terms and Conditions any benefit or the right to enforce any term of these Terms and Conditions.

The headings will not form part of these Terms and Conditions and will not affect their interpretation.

If any provision of these Terms and Conditions is held to be invalid or unenforceable, such provision shall be struck out and the remaining provisions shall remain in full force and effect.

Applicable law

If you are a consumer, please note that these Terms and Conditions, their subject matter and formation, are governed by English law. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction. However, if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland.

If you are a business, these Terms and Conditions, their subject matter and formation (and any non-contractual disputes or claims), are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales.

 

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