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obligatory insurance
- same as
conditional insurance.
occupational pension
- pension provided by an employer. Usually the
pension payments are related to the person's salary in the final year of
employment.
Office
of Fair Trading (OFT)
- a non-ministerial government department, headed by
the Director General of Fair Trading which aims to protect consumers by
ensuring that trading practices are as fair as possible and by encouraging
competition among businesses. One of the OFT's major responsibilities is the
administration and enforcement of the Consumer Credit Act 1974. Any business
planning to provide consumers with credit facilities, or refer them to a
source of credit, or hire out goods, must first obtain a consumer credit
licence from the OFT. The OFT also has consumer protection duties under the
Fair Trading Act 1973, the Estate Agents Act 1979, the Control of Misleading
Advertisements Regulations 1994. Monopolies and mergers are dealt with under
the Fair Trading Act, and other competition issues are covered by the
Restrictive Trade Practices Act 1976, the Resale Prices Act 1976, the
Competition Act 1980 and the Financial Services Act 1986.
open
market value
- value of a property on the basis of a willing
buyer and willing seller in the open market allowing for a reasonable period
for sale.
other
income
- income in addition to basic annual salary or, in
the case of self-employed, annual net profits. See
sub menu
for examples
outgoings
- existing liabilities - your debts, other than an
existing mortgage such as hire purchase, personal loans, school fees etc.
outstanding discount
- for property purchased under the Right to Buy
scheme at a discounted price, the value of the discount, or a portion of it,
that has to be repaid to the local authority if the property is sold within
a certain period of time, normally 3 years from date of purchase.
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O
obligatory insurance
occupational
pension
Office of Fair
Trading (OFT)
open market value
other income (see
submenu)
outgoings
outstanding
discount
Introduction
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