MCOB 5A.1 Application and purpose

(1)

MCOB 5A contains rules and guidance that apply in addition to firms’ obligations under Principle 6, Principle 7 and the Consumer Duty (as applicable).

(2)

 The purpose of MCOB 5A is to ensure that, before a consumer submits an application for a particular MCD regulated mortgage contract, they are supplied with information that makes clear:

1. (a)

    its features, any linked deposits, any linked borrowing and any tied products; and

2. (b)

    the price that the consumer will be required to pay under that contract, to enable the consumer to make a well-informed purchasing decision.

(3)

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