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B

B

Bank

an institution, body, financial intermediary, or financial institution which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits

Beneficial Owner

the individual or company which has all the benefits and entitlements of a legal owner, even if not named or registered as the legal owner 

Beneficiary

A person who derives advantage from something, for example a will, trust, or life insurance policy.

Body

an entity regulated by the CLC:

  • an Alternative Business Structure (also called a Licensed Body) regulated by the CLC acting as a Licensing Authority; or

a Recognised Body regulated by the CLC acting as an Approved Regulator

Brokers

under the Professional Indemnity Insurance Code and Operating Framework this refers to the agent who sources the contract of insurance for the CLC’s Master Policy

Building Society

a branch situated in England and Wales of a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986