Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

MCOB 7A.2 Notification of interest-rate changes

MCOB 7A.2.1RRP

When giving notice to a consumer of any changes that the consumer is required to make resulting from interest-rate changes for an MCD regulated mortgage contract, a firm must:

  1. (1)

    give notice of the amount of the payments to be made after the new interest-rate change takes effect; and

  2. (2)

    where the number or frequency of the payments will change, give particulars of these changes.

[Note: article 27(1) of the MCD]