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MCOB 6.2 Purpose

  1. (1)

    MCOB 6 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. The purpose of MCOB 6 is to ensure that a customer receives a clear offer document to enable him to check the features and price of theregulated mortgage contract before he enters into it. The offer document should include an updated and suitably adapted illustration so that the customer can compare it with the illustration he received before he applied for the regulated mortgage contract.

  2. (2)

    To ensure that the customer has a record of the information required by MCOB 6, MCOB 6.3.2 R requires the information to be provided to the customer in a durable medium.