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Status: You are viewing the version of the handbook as on 2006-10-30.

MCOB 12.1 Application

Who?

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.

What?

MCOB 12.1.3RRP

This chapter applies where a firm:

  1. (1)

    enters into, or makes a further advance on, a home finance transaction1; or

    1
  2. (2)

    administers a home finance transaction;1 or

    1
  3. (3)

    arranges or advises on a home finance transaction1 or a variation to the terms of a home finance transaction1.

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MCOB 12.1.4RRP

The payment shortfall4 charges and excessive charges requirements in this chapter1 will continue to apply to a firm after a regulated mortgage contract has come to an end following the sale of a repossessed property. The excessive charges requirements will continue to apply to a firm after a home reversion plan has ended.1 References in this chapter to 'customer' will include references to a former customer as appropriate.

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MCOB 12.1.5GRP

The FCA 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 sale shortfall1 are not excessive and are subject to the same considerations as apply with respect to payment shortfall4 charges under this chapter.

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MCOB 12.1.6RRP

1This chapter does not apply to a firm carrying on reversion activities or regulated sale and rent back activities3 in respect of a customer acting in his capacity as an unauthorised reversion provider or as an unauthorised SRB agreement provider.3