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Cat standard |
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CAT standardThese 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 standardCat 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 marksSimilar MatchesSilver standardSilver standardA monetary system in which the value of a currency is defined in terms of silver. If two currencies are both on a silver standard, then the exchange rate between them is approximately determined by their two prices in terms of silver. Gold standardGold standardAn 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 payment calculationStandard payment calculationA calculation that is used to determine the monthly payment necessary to repay the balance of a home loan in equal installments. Gold standardGold standardA monetary system in which both the value of a unit of the currency and the quantity of it in circulation are specified in terms of gold. If two currencies are both on the gold standard, then the exchange rate between them is approximately determined by their two prices in terms of gold. Statement of Financial Accounting Standards No 52Statement of Financial Accounting Standards No 52The currency translation standard currently used by US firms. It mandates the use of the current rate method. See: Statement of Financial Accounting Standards No. 8. Further SuggestionsDollar standardstandard deviation Labor standard Standard and Poor's Composite Index (S&P 500) Standard variable rate Gold exchange standard Standard deviation International Organization for Standardization Standard & Poors SmallCap 600 Index Credit Standards Labor standards argument for protection Standardized value International Standards Organization Standard Robots Exclusion Standard Standard deduction Standard and Poor's 500 Index Statement of Financial Accounting Standards No 8 Standard error Standard & Poors MidCap 400 Index Standard Variable Rate Standard Industrial Classification (SIC) Financial Accounting Standards Board (FASB) Accounting Standards Board Labor standards argument for protection |
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