Glossary
Conciliation Proceedings
A form of alternative dispute resolution for national and cross-border disputes arising between consumers and traders, conducted on a voluntary basis for both parties.
Consumer Loan
A loan for individuals intended to finance various current needs, such as home repairs, purchases of goods and services, travel, education, or other expenses.
Consumer Protection
A set of rights, measures, and mechanisms provided by law aimed at guaranteeing the safety, economic interests, right to information, and fair treatment of individuals when purchasing goods and services. This protection includes preventive actions against unfair commercial practices and misleading information, as well as possibilities to seek redress in case of violation of consumer rights.
Consumer Rights
Legally guaranteed rights and protections related to the consumption of goods and services. According to the Consumer Protection Act, these include the right to information about goods and services; the right to safe goods and services; the right to protection against unfair commercial practices; the right to compensation for damages caused by defective goods and services; the right to access institutions for resolving consumer disputes; the right to education regarding the protection of rights; the right to associate for the protection of interests; and the right to representation before state authorities.
Contactless Card
A payment card (debit or credit) that uses radio-wave technology to enable quick and secure data exchange with a terminal or ATM, allowing payment simply by bringing the card close to the terminal, without the need to insert it into the device or enter a PIN for small amounts.
Contract for Difference (CFD)
A contract in which the buyer does not actually own the underlying asset (stocks, commodities, gold, currencies, crypto assets, etc.) but agrees with the seller of the contract for difference to settle the difference in price between the present and a future point in time. When opening a "long position," the buyer expects the price to rise and if it does, they will make a profit at the seller’s expense. For a "short position," the logic is that the buyer expects the price to fall.
Corporate Risk
The risk associated with the possibility that a company may incur losses or face difficulties due to internal or external factors that can affect its operations, profits, value, or sustainability. It includes financial, operational, strategic, reputational, and legal and regulatory risks, encompassing all potential threats to the company’s stability and success, and requires active risk management for effective control.
Corporation Tax - glossary for children
A part of a business’s profit that is paid to the government.
Credit
A financial instrument in which a bank or another financial institution (the lender) provides monetary funds to an individual or legal entity (the borrower) under the obligation to repay them within an agreed period and under specific conditions. The compensation for the use of these funds is usually interest, and in many cases the credit is secured by assets or other guarantees. Credits may vary in terms of duration and purpose – for consumption, home purchase, investment, or financing of business activities.
Credit Card
A payment card that represents a type of revolving credit. Unlike a debit card, the amount used on a credit card is not withdrawn from the cardholder’s bank account but from the credit limit provided by the bank or credit company. If the amount is repaid within a grace period set by the bank (usually between 45 and 60 days), the cardholder does not owe interest. After this period, interest is charged on the used amount.
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