MCOB 7.2 Purpose
- (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)
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)
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)
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.