Cat standard

 

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CAT standard

These are a set of standards proposed by the government aimed at ensuring a certain level of standard amongst financial products such as mortgages and ISAs. Whilst they are a sign that a lender or provider is a reputable business and offers products that are of a certain quality, a CAT mark does nott ensure that a product is the most suitable one for you.

Cat standard

Cat standards signify that a financial product meets certain standards on Charges, Access and Terms. The standards vary according to the product:Stocks and share ISAsNo initial or exit charge; minimum investment not more than £500 lump sum, or £50 per month; at least 50% invested in EU-quoted stocksCash ISAsNo charges; minimum transaction no greater than £10; withdrawals no later than seven days; no penalties; interest rate no lower than 2 per cent below basic bank rates; rises on the back of basic rate increases must occur within one monthInsurance ISAsMaximum charges of 3 per cent per year; premium no higher than £250 lump sum of £25 monthly; surrender values of at least asset value; after three years, surrender values must be no lower than total premiumsThe fact that a financial product offered by an institution has a CAT mark is not a guarantee of its performance or a recommendation by the government. It simply indicates that it satisfied the objective criteria.Equally the absence of a CAT mark does not mean it should be avoided. Some of the best-performing ISAs do not have CAT marks



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Also called the normal deviate, the distance of one data point from the mean, divided by the standard deviation of the distribution.


Dollar standard

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An international financial system in which the U.S. dollar is used by most countries as the primary reserve asset, in contrast to the gold standard in which gold played this role.


Standard deviation

Standard deviation

The square root of the variance. A measure of dispersion of a set of data from its mean.


Gold standard

Gold standard

An international monetary system in which currencies are defined in terms of their gold content, and payment imbalances between countries are settled in gold. It was in effect from about 1870 to 1914.


Standard error

Standard error

In statistics, a measure of the possible error in an estimate. Plus or minus 2 standard errors usually provides a 95% confidence interval.


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