Jargon Buster F
Word
Meaning

Fair Dismissal

Dismissal is normally fair if an employer can show that it is for one of the following reasons: a reason related to an employee's conduct, a reason related to an employee's capability or qualifications for the job, because of a redundancy, because a statutory duty or restriction prohibited the employment being continued, some other substantial reason of a kind which justifies the dismissal and that they acted reasonably in treating that reason as sufficient for dismissal.

Fiduciary

Someone entrusted with the care of money or property.

Financial Conduct Authority (FCA)

A conduct regulator for 56,000 financial firms and financial markets in the UK and the prudential regulator for over 24,000 of them. Also knows as FCA.

Financial Statements

A summary report that shows how a firm has used the funds entrusted to it by its shareholders and lenders, and what is its current financial position. The three basic financial statements are the (1) balance sheet, which shows firm's assets, liabilities, and net worth on a stated date; (2) income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) cash flow statement, which shows the inflows and outflows of cash caused by the firm's activities during a stated period. Also called business financials.

Financial year

The financial year is 1 April to 31 March.

Fire Marshall/warden

Fire wardens (or fire marshals as they are sometimes called) must have a structure or frame work to follow within the organisation to allow their role to work in preventing fires. This structure has to be regularly audited and managed to ensure it works and protects staff. Failure to take it serious could result in a significant fire incident. A Fire Wardens roles and responsibilities fall broadly into 2 categories: Proactive day to day duties, Reactive emergency duties.

Fixed-term employee

An employee employed for a fixed period of time, rather than on a permanent basis. If you engage employees temporarily or for a specific task itself, rather than via an employment business, it will often be on a fixed-term basis. Fixed-term employees accrue employment rights in the same way as permanent employees. Note: an employee who is continuously employed under a series of fixed-term contracts for at least four continuous years will be deemed to be a permanent employee.

Flexible working requests

All employees have the right to ask their employer for a change to their contracted terms and conditions to work flexibly. Do do this the employee must have worked for their employer for 26 weeks.

Fire Risk Assessment (FRA)

Fire Risk Assessment must be undertaken to ensure that you are identifying and controlling the fire risks of your operators.

Franchise

A business in which the owners (franchisors) sell rights to their business, including trademark, trade name, and business model. The franchisee must follow certain rules and guidelines already established by the franchisor, and in most cases, the franchisee must pay an ongoing franchise royalty fee to the franchisor.

Franchisee

A franchisee is a person or company that is granted a license to do business under the franchisor's trademark, trade name, and business model, by the franchisor. The franchisee purchases a franchise from the franchisor. The franchisee must follow certain rules and guidelines already established by the franchisor, and in most cases the franchisee must pay an ongoing franchise royalty fee to the franchisor.

Franchising

A franchise agreement will give you (the franchisee) permission to trade as your own business but under the brand of the other (the franchisor). Usually, you will have to follow a proven business model and you may receive training, advice, guidance and certain consumables to run the business. In some cases, a franchisor may even take a head lease (of premises) and grant a sub-lease to you.A franchisee is a person or company that is granted a license to do business under the franchisor's trademark, trade name, and business model, by the franchisor. The franchisee purchases a franchise from the franchisor. The franchisee must follow certain rules and guidelines already established by the franchisor, and in most cases, the franchisee must pay an ongoing franchise royalty fee to the franchisor.

Franchisor

The company owning/controlling the rights to grant franchises to potential franchisees.

Funding

Finding financial resources in order to fund a business/project.

Fit for Work

With their consent, employees are referred to an occupational health professional who will identify obstacles preventing the employee from returning to work, and develop a Return to Work Plan tailored to the employee's needs.