MCOB 15.5 MCOB provisions disapplied from P2P platform operators
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)
MCOB 2A (Mortgage Credit Directive);
- (2)
MCOB 3A.5 (MCD financial promotions);
- (3)
MCOB 3B (MCD general information);
- (4)
MCOB 4.4A.4R (range of products);
- (5)
MCOB 4A (additional MCD advising and selling standards);
- (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)
MCOB 5A (MCD pre-application disclosure);
- (8)
MCOB 6A (MCD disclosure at the offer stage);
- (9)
MCOB 7A (additional MCD disclosure: start of contract and after sale); and
- (10)
MCOB 11A (additional MCD responsible lending requirements).
- (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)
Similarly, the following guidance is not relevant in relation to such an MCD mortgage credit intermediary:
- (a)
MCOB 4.4A.3G, 4.4A.3AG, 4.4A.5G and 4.4A.6G (range of products); and
- (b)
MCOB 5.6.118G and 5.6.119G (payments to mortgage intermediaries) (see MCOB 15.5.1R(6)).
- (a)
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