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MCOB 7.2 Purpose

  1. (1)

    This chapter 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. (2)

    Where a firm provides services to a customer in relation to a further advance, rate switch, or addition or removal of a party to a regulated mortgage contract, this chapter also requires that the customer is provided with an illustration to make clear the price and features associated with that variation.1

  3. (3)

    This chapter also ensures that customers are supplied with information which enables them to check the payments and charges on a regulated mortgage contract, to keep track of the transactions on, and the features of, a regulated mortgage contract and to be kept informed of material changes.

  4. (4)

    To ensure that a customer has a record of the information required by this chapter, MCOB 7.3.2 R requires the information to be provided to the customer in a durable medium.