Back Book
The firm’s existing portfolio of clients and historic business.

Basket/Threshold
The aggregate, or total, claim value that must be exceeded before recovery is available.

Bolt-On Acquisition
A smaller firm integrated into an existing platform and adopting the Buyer's systems.

Brand Integration
Transition to the acquirer's brand, either immediately or in phases.

Breach Register
A record of identified regulatory, policy or control breaches.

British Steel Pension Scheme (BSPS) Exposure
Historic liability associated with advice concerning defined benefit pension transfers from the BSPS.

Bulk Transfer
Transfer of a group of clients or assets under an agreed operational process.

Business
In the context of a transaction, the defined nature of the business transferring, for example independent financial advice, pensions advice or wealth management advice, or any part of it.

Business Continuity Plan (BCP)
Documented arrangements for maintaining or recovering operations after disruption.

Business Day
A day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

Business Warranties
Warranties concerning the business’ operations, clients, employees, compliance and finances. Warranties are generally provided by the Sellers to the Buyer.

Buy-Side Due Diligence
Due diligence undertaken for the Buyer.

Buyer's Group
A Buyer, that company, its subsidiaries, any holding company of that company, and any subsidiary of such a holding company.