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Information & Glossary of Terms

GROSS
The contractual rate of interest payable before the deduction of income tax at the rate specified by law.

NET
The rate of interest which would be payable after allowing for the deduction of income tax of 20%.

AER
Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year (or monthly, or half yearly, as the case may be).

APR
Annual Percentage Rate - this is meant to be a way of comparing the cost of credit. It takes into account most of the up-front and on-going costs involved in taking out a mortgage.

CCJ
County Court Judgement.

Membership Rights
Please refer to the Society's Terms and Conditions or a copy of the Society's Rules for information. Copies of these are available from our Head Office.

Investor Protection Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. Depositors which are not covered by the FSCS include the following:

  • large companies
  • large partnerships
  • large mutual associations
  • local, provincial or municipal authorities
  • credit institutions
  • overseas financial services institutions
  • operators or trustees of a collective investment scheme
  • pension and retirement funds or trustees of such a fund
  • supranational institutions
  • governments, or central administrative authorities
  • any person who claim arises from transactions relating to a conviction they have received for money laundering.


  • Further details of exclusions from FSCS cover can be found on the Financial Services Authority website at
    http://fsahandbook.info/FSA/html/handbook/COMP/4/2

     

    Shepshed Building Society, Bull Ring, Shepshed, Leics, LE12 9QD is authorised and regulated by the Financial Services Authority. Our Financial Services Authority registration number is 206067. You can check this on the FSA's register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.




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