Glossary
Annual Percentage Rate. The total cost of credit expressed as a yearly rate, including interest and any compulsory charges. UK regulated APR uses XIRR-style daily compounding under FCA CONC App 1. The demo simplifies to monthly compounding (apr / 12) for readability.
Audit timeline
Section titled “Audit timeline”The append-only sequence of AuditEvent records on a quote. Drives the admin detail page and the legal artefact for CONC 4.2 evidence. Events: quote-created, quote-sent, magic-link-clicked, option-picked, acknowledgements-confirmed, quote-expired.
Buy Now Pay Later. A finance product where the customer defers payments for a set period (the deferred period) and then pays the balance over the remaining term. Some BNPL terms waive interest if the balance is settled in full before the deferred window ends.
Catalogue
Section titled “Catalogue”The per-skin set of FinanceProduct entries the retailer can present to a customer. Defined in lib/catalogue.ts and keyed by SkinId.
CONC 4.2
Section titled “CONC 4.2”The FCA Consumer Credit sourcebook chapter on adequate explanations. Requires firms to give borrowers an adequate explanation of the principal features of the credit agreement before they sign. The four customer acknowledgements in this product map onto CONC 4.2.
Consumer Duty
Section titled “Consumer Duty”The FCA’s outcomes-based standard requiring firms to deliver good outcomes for retail customers. Cross-cuts CONC, the Principles, and the SMCR. See Regulatory, Consumer Duty.
Customer phone surface
Section titled “Customer phone surface”The magic-link receipt page at /demo/customer/[token]. Where the customer compares options, runs the budget calculator, and confirms the four CONC 4.2 acknowledgements.
Deferred period
Section titled “Deferred period”For BNPL products, the months at the start of the term during which no payments are required. Stored as FinanceProduct.deferredMonths.
Every Contracted Option Fronted. The principle that every finance option in a retailer’s catalogue should be visible to the customer side-by-side, with the customer (not the rep) picking. The product hypothesis in one acronym.
Financial Conduct Authority. The UK financial services regulator. Authorises and supervises consumer credit firms.
Firm Reference Number. The FCA Register identifier for an authorised firm. Six digits in the demo skins (812374, 624901, 738256). Rendered in the footer.
Interest Free Credit. A regulated credit product at 0% APR. The customer pays the same total whether they pay in full upfront or spread over the IFC term.
In-flight quote
Section titled “In-flight quote”The quote currently being built on the rep tablet, before send. Held in useDemoStore.inFlightQuote. Not persisted to localStorage.
In-store fallback
Section titled “In-store fallback”The rep-side acknowledgement path. When the customer has no phone available, the rep clicks “Customer present, ack now” and hands the tablet over for the four-acknowledgement step. The audit event records in_store_fallback=true.
Magic link
Section titled “Magic link”A signed URL delivered to the customer by email and SMS. Resolves to a single quote via an HMAC-SHA256 token over (quoteId, expiry, nonce). 14-day expiry by default.
Menu-style presentment
Section titled “Menu-style presentment”Showing every contracted finance option side-by-side on a single page, rather than walking the customer through a sequential wizard. Contrast with the waterfall sibling, where lenders are tried one at a time.
Nominal monthly rate
Section titled “Nominal monthly rate”The simplifying assumption used by lib/finance-math.ts: monthly rate = APR / 12. Production replaces this with the regulated XIRR calculation.
PDF preview
Section titled “PDF preview”A styled HTML mock of the SECCI and pre-contract pack. Not a real PDF in v1. Production would use @react-pdf/renderer or a Puppeteer-on-Vercel pipeline.
Pre-contract information
Section titled “Pre-contract information”Required disclosures the customer must receive before signing a regulated credit agreement. SECCI is the standardised form for most consumer credit. Delivered as the PDF preview at the customer phone surface.
QuoteStatus
Section titled “QuoteStatus”The five-state lifecycle of a quote: sent, opened, option-picked, acknowledged, expired. Derived from the most recent AuditEvent type.
Rep tablet surface
Section titled “Rep tablet surface”The rep-facing quote builder at /demo/rep. One-page, two-pane: inputs left, live finance product cards right.
Retailer admin surface
Section titled “Retailer admin surface”The audit-only portal at /demo/admin. Dashboard, list, detail. Read-only by design.
Standard European Consumer Credit Information. The standardised pre-contract disclosure form for most UK consumer credit. Delivered to the customer in the PDF preview.
Signed retailer URL
Section titled “Signed retailer URL”The HMAC-signed URL the rep opens to load the rep tablet. Carries retailerId and is rotated by kid. Replaces per-rep authentication.
A retailer’s brand layer. Defines colour, logo, FCA register number, footer text, default scenario, and the finance catalogue. Three skins ship in v1: Solaris, Hayes & Sons, Bright Lane.
Senior Managers and Certification Regime. The FCA framework for individual accountability in financial services firms. Relevant to the retailer and broker, not the SaaS provider.
Target-monthly slider
Section titled “Target-monthly slider”The customer-side budget calculator. As the customer drags it, options re-sort and unreachable ones disable. Powered by depositForTargetMonthly in lib/finance-math.ts.
Trust gradient
Section titled “Trust gradient”The principle that customer-facing acknowledgements should sit on the customer’s own device whenever possible, with the rep’s tablet as the in-store fallback. Reduces the chance of a rep ticking the boxes on the customer’s behalf.
Waterfall sibling
Section titled “Waterfall sibling”Lending Agent, the AI-mediated agentic credit broking demo. Same brand family, opposite journey shape: lenders contacted sequentially rather than presented in parallel.