Bank

An institution which takes deposits from customers and provides them with various financial services. May also pay interest on the deposits. Also makes loans and charges interest on them. All banks that operate in the UK should be authorised by the Financial Services Authority.

Bankruptcy

When an individual is incapable of settling their debts, they can be served a bankruptcy order by a court. The petition can be filed by the individual or their creditors. An enquiery is made by the Official Receiver and the individuals assets are realised and distributed.

Beneficiary

An individual who benefits from the proceeds of a will, life insurance policy or from a trust set up on their behalf.