diff --git a/CRM/Contribute/Page/ManagePremiums.php b/CRM/Contribute/Page/ManagePremiums.php
index 94859108a464..65fb5952587c 100644
--- a/CRM/Contribute/Page/ManagePremiums.php
+++ b/CRM/Contribute/Page/ManagePremiums.php
@@ -152,7 +152,7 @@ public function browse() {
       );
       // Financial Type
       if (!empty($dao->financial_type_id)) {
-        $premiums[$dao->id]['financial_type'] = CRM_Core_PseudoConstant::getLabel('CRM_Financial_BAO_FinancialType', 'financial_type', $dao->financial_type_id);
+        $premiums[$dao->id]['financial_type'] = CRM_Core_PseudoConstant::getLabel('CRM_Contribute_BAO_Product', 'financial_type_id', $dao->financial_type_id);
       }
     }
     $this->assign('rows', $premiums);
diff --git a/CRM/Contribute/Page/Premium.php b/CRM/Contribute/Page/Premium.php
index 61d8cfb4f61c..a24eb3960cc4 100644
--- a/CRM/Contribute/Page/Premium.php
+++ b/CRM/Contribute/Page/Premium.php
@@ -168,7 +168,7 @@ public function browse() {
         );
         // Financial Type
         if (!empty($premiumsProductDao->financial_type_id)) {
-          $premiums[$productDAO->id]['financial_type'] = CRM_Core_PseudoConstant::getLabel('CRM_Financial_BAO_FinancialType', 'financial_type', $premiumsProductDao->financial_type_id);
+          $premiums[$productDAO->id]['financial_type'] = CRM_Core_PseudoConstant::getLabel('CRM_Contribute_BAO_Product', 'financial_type_id', $premiumsProductDao->financial_type_id);
         }
       }
     }
diff --git a/CRM/Financial/DAO/FinancialType.php b/CRM/Financial/DAO/FinancialType.php
index 0ba7aa946fc5..516fe493e833 100644
--- a/CRM/Financial/DAO/FinancialType.php
+++ b/CRM/Financial/DAO/FinancialType.php
@@ -6,7 +6,7 @@
  *
  * Generated from xml/schema/CRM/Financial/FinancialType.xml
  * DO NOT EDIT.  Generated by CRM_Core_CodeGen
- * (GenCodeChecksum:2313c49e821b4a909bf3c54e72576e9b)
+ * (GenCodeChecksum:760550280aaa0da48232ebdfb11170f9)
  */
 
 /**
@@ -118,11 +118,6 @@ public static function &fields() {
             'type' => 'Text',
             'label' => ts("Name"),
           ],
-          'pseudoconstant' => [
-            'table' => 'civicrm_financial_type',
-            'keyColumn' => 'id',
-            'labelColumn' => 'name',
-          ]
         ],
         'description' => [
           'name' => 'description',
diff --git a/api/v3/FinancialType.php b/api/v3/FinancialType.php
index dc438dbb4603..ab13f47df485 100644
--- a/api/v3/FinancialType.php
+++ b/api/v3/FinancialType.php
@@ -44,8 +44,6 @@ function civicrm_api3_financial_type_create($params) {
 
 function _civicrm_api3_financial_type_create_spec(&$params) {
   $params['name']['api.required'] = 1;
-  $params['name']['type'] = CRM_Utils_Type::T_STRING;
-  unset($params['name']['pseudoconstant']);
 }
 
 /**
diff --git a/tests/phpunit/api/v3/FinancialTypeTest.php b/tests/phpunit/api/v3/FinancialTypeTest.php
index db5e35a5ceaf..58fe078929a6 100644
--- a/tests/phpunit/api/v3/FinancialTypeTest.php
+++ b/tests/phpunit/api/v3/FinancialTypeTest.php
@@ -73,12 +73,13 @@ public function testCreateUpdateFinancialTypeCustomField() {
 
       // create financial type with custom field
       $financialType = $this->callAPISuccess('FinancialType', 'create', array_merge($params, $customFields));
+      $this->callAPISuccessGetSingle('FinancialType', ['name' => $financialTypeName]);
 
       // get financial type to check custom field value
       $expectedResult = array_filter(array_merge($params, $customFields), function($var) {
         return (!is_null($var) && $var != '');
       });
-      $result = $this->callAPISuccessGetSingle('FinancialType', [
+      $this->callAPISuccessGetSingle('FinancialType', [
         'id' => $financialType['id'],
       ], $expectedResult);
 
@@ -98,7 +99,7 @@ public function testCreateUpdateFinancialTypeCustomField() {
       $expectedResult = array_filter(array_merge($params, $customFields), function($var) {
         return (!is_null($var) && $var != '');
       });
-      $result = $this->callAPISuccessGetSingle('FinancialType', [
+      $this->callAPISuccessGetSingle('FinancialType', [
         'id' => $financialType['id'],
       ], $expectedResult);
     }
diff --git a/xml/schema/Financial/FinancialType.xml b/xml/schema/Financial/FinancialType.xml
index 8e93b6c82ec3..bbdca886dae8 100644
--- a/xml/schema/Financial/FinancialType.xml
+++ b/xml/schema/Financial/FinancialType.xml
@@ -36,11 +36,6 @@
       <label>Name</label>
     </html>
     <add>1.3</add>
-    <pseudoconstant>
-      <table>civicrm_financial_type</table>
-      <keyColumn>id</keyColumn>
-      <labelColumn>name</labelColumn>
-    </pseudoconstant>
   </field>
   <field>
     <name>accounting_code</name>