I found references relative to US where the Nominal Annual Percentage Rate or simply APR is defined as the simple interest rate (i.e. proportional to time and without compounding).
Instead the effective APR or Annual Percentage Yield (APY) takes into account the effect of interest compounding. Also in US there are some legal provisions requiring that APR (and not the APY) to be advertised.
But how is the situation on the UK side? Are the meanings the same? APR=simple, APY=compound too?