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MCOB 13.7 Business loans and loans to high net worth mortgage customers: tailored provisions4

MCOB 13.7.1R

Where the regulated mortgage contract is for a business purpose or is with a high net worth mortgage customer4, a firm may as an alternative to MCOB 13.4.1 R(1) provide the following information in a durable medium instead of the Money Advice Service 3information sheet “Problems3 paying your mortgage”:2

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  1. (1)

    details of the consequences if the payment shortfall4 is not cleared;

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  2. (2)

    a description of the options available to the customer for clearing the payment shortfall4; and

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  3. (3)

    (in the case only of loans for a business purpose) 4details of sources of fee-free advice for business customers.

MCOB 13.7.2G

1 Firms are reminded that in accordance with MCOB 1.2.3R, they should comply in full with MCOB, but in doing so may opt to take account of4 all tailored provisions in MCOB that relate to loans solely for a business purpose or loans to high net worth mortgage customers4. Therefore, a firm may only follow the relevant 4tailored provisions in MCOB 13.7, if it also follows all other relevant 4tailored provisions in MCOB. In either case, the rest of MCOB applies in full.4

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