MCOB 5.2 Purpose
- (1)
MCOB 5 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its customers and to treat them fairly.
- (2)
The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular regulated mortgage contract, he is supplied with information that makes clear:
- (a)
the features of that regulated mortgage contract;
- (b)
the price that the customer will be required to pay under that regulated mortgage contract, to enable the customer to assess whether it is affordable to him; and
- (c)
any linked deposits, any linked borrowing and any tied products.
- (a)
- (3)
MCOB 5 requires information to be disclosed in a consistent way to facilitate comparison between regulated mortgage contracts provided by different mortgage lenders.