MCOB 2A.5 Variable rate credits

Where the borrowing rate under an MCD regulated mortgage contract is variable, the MCD mortgage lender must:

1. (1)

   ensure that any index or reference rate used to calculate that rate is clear, accessible, objective and verifiable by the parties to the MCD regulated mortgage contract and the FCA; and

2. (2)

   keep a record of the index or reference rate used to calculate that rate for as long as the MCD regulated mortgage contract remains outstanding.