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MCOB 12.1 Application


MCOB 12.1.1R

This chapter applies to a firm in a category listed in column (1) of the table in MCOB 12.1.2 R in accordance with column (2) of that table.

MCOB 12.1.2RRP

This table belongs to MCOB 12.1.1 R

(1) Category of firm

(2) Applicable section

mortgage lender

whole chapter

mortgage adviser

mortgage arranger

MCOB 12.1,

MCOB 12.2 and

MCOB 12.5.2 R

mortgage administrator

a firm that was a mortgage lender or mortgage administrator before the sale of a repossessed property

MCOB 12.1, MCOB 12.2, MCOB 12.4 and MCOB 12.5.2 R


MCOB 12.1.3RRP

This chapter applies where a firm:

  1. (1)

    enters into, or makes a further advance on, a regulated mortgage contract; or

  2. (2)

    administers a regulated mortgage contract; or

  3. (3)

    arranges or advises on a regulated mortgage contract or a variation to the terms of a regulated mortgage contract.

MCOB 12.1.4RRP

The requirements in MCOB 12.4 (Arrears charges) and MCOB 12.5 (Excessive charges) will continue to apply to a firm after a regulated mortgage contract has come to an end following the sale of a repossessed property. References in this chapter to 'customer' will include references to a former customer as appropriate.

MCOB 12.1.5GRP

The FSA will expect a firm to ensure that charges made to a customer arising from the sale of a repossessed property and charges arising in relation to a mortgage shortfall debt are not excessive and are subject to the same considerations as apply with respect to arrears charges under this chapter.