open or maintain a payment or a savings account, where the only purpose of the account is to accumulate capital to repay the credit, to service the credit, to pool resources to obtain the credit, or to provide additional security for the MCD mortgage lender in the event of default;
purchase or keep an investment product or a private pension product, where such product primarily offers the investor an income in retirement and also serves to provide additional security for the MCD mortgage lender in the event of default or to accumulate capital to repay the credit, to service the credit or to pool resources to obtain the credit; or
[Note: article 12(2) of the MCD]
An MCD mortgage lender may engage in tying practices where it can demonstrate to the FCA that the tied products or categories of product offered, on terms and conditions similar to each other, which are not made available separately, result in a clear benefit to the consumer taking due account of the availability and the prices of the relevant products offered on the market. This rule only applies to products which are marketed after 20 March 2014.
[Note: article 12(3) of the MCD]
An MCD mortgage lender may require the consumer to hold a relevant insurance policy related to the MCD regulated mortgage contract but, where it does so, the MCD mortgage lender must accept an insurance policy from a supplier different to his preferred supplier where such policy has a level of guarantee equivalent to the one the MCD mortgage lender has proposed.
[Note: article 12(4) of the MCD]