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Status: You are viewing the version of the handbook as on 2019-09-14.

MCOB 15.5 MCOB provisions disapplied from P2P platform operators

MCOB 15.5.1R

1The rules in the following provisions of MCOB do not apply to an MCD mortgage credit intermediary, where that firm is a P2P platform operator facilitating a regulated mortgage contract where the lender does not require permission to enter into the contract:

  1. (1)

    MCOB 2A (Mortgage Credit Directive);

  2. (2)

    MCOB 3A.5 (MCD financial promotions);

  3. (3)

    MCOB 3B (MCD general information);

  4. (4)

    MCOB 4.4A.4R (range of products);

  5. (5)

    MCOB 4A (additional MCD advising and selling standards);

  6. (6)

    MCOB 5.6.113R to 5.6.117R (payments to mortgage intermediaries) do not apply to a mortgage intermediary which is a P2P platform operator where the lenders under regulated mortgage contracts entered into by a particular borrower do not require permission for entering into regulated mortgage contracts. In this case Section 14 of the illustration must be renumbered 13;

  7. (7)

    MCOB 5A (MCD pre-application disclosure);

  8. (8)

    MCOB 6A (MCD disclosure at the offer stage);

  9. (9)

    MCOB 7A (additional MCD disclosure: start of contract and after sale); and

  10. (10)

    MCOB 11A (additional MCD responsible lending requirements).

MCOB 15.5.2G
  1. (1)

    The guidance in the provisions of MCOB listed in MCOB 15.5.1R is not relevant in relation to an MCD mortgage credit intermediary, where that firm is a P2P platform operator facilitating a regulated mortgage contract where the lender does not require permission to enter into the contract.

  2. (2)

    Similarly, the following guidance is not relevant in relation to such an MCD mortgage credit intermediary:

    1. (a)

      MCOB 4.4A.3G, 4.4A.3AG, 4.4A.5G and 4.4A.6G (range of products); and

    2. (b)

      MCOB 5.6.118G and 5.6.119G (payments to mortgage intermediaries) (see MCOB 15.5.1R(6)).

MCOB 15.5.3G

A regulated mortgage contract (including a MCD regulated mortgage contract) where the lender does not act by way of business is not within the scope of the MCD.