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MCOB 5A.1 1Application and purpose

MCOB 5A.1.1R

This chapter applies to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary.

MCOB 5A.1.2G
  1. (1)

    MCOB 5A amplifies Principle 6 and Principle 7.

  2. (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. (3)

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