See our definitions to help you understand financial and legal terms.
This is a new service and we are still building our library of terms - please let us know any comments or suggestions for new definitions in the page feedback section below.
Open banking
Open banking is a term used to describe a set of technologies and standards that allow consumers to safely and securely share their account information, for example through apps and websites. Read more about OpenBanking on MoneyHelper's website[28].
Open finance
Open finance builds on the principles of open banking, to give consumers more control over their financial data. It extends data-sharing to a wider range of financial services and products from savings and insurance to mortgages, pensions and credit.
Option
A derivative contract[29] that grants the owner the right to acquire or dispose of assets at a specific price, on or before a specific date. Because they're high risk, they're not suitable for all customers. Our rules mean that these products must be marketed and sold appropriately to the right customers.