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MCOB 5.2 Purpose

MCOB 5.2.1G
  1. (1)

    MCOB 5 amplifies Principle 6 and Principle 7.

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  2. (2)

    The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular home finance transaction1, he is supplied with information that makes clear:

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    1. (a)

      (in relation to a regulated mortgage contract) its features, any linked deposits, any linked borrowing and any tied products; and1

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    2. (b)

      the price that the customer will be required to pay under that home finance transaction, 1to enable the customer to make a well-informed purchasing decision.2

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    3. (c)

      [deleted]1

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  3. (3)

    MCOB 5 requires information to be disclosed in a consistent way to facilitate comparison between products of different providers1.

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