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.3 Early repayment disclosure

MCOB 7A.3.1RRP
  1. (1)

    If a consumer notifies a firm that they wish to discharge their obligations under an MCD regulated mortgage contract prior to its expiry, the firm must provide the consumer, without delay, with the information necessary to allow them to consider that option.

  2. (2)

    The information under (1) must:

    1. (a)

      quantify the implications for the consumer of discharging their obligations prior to the expiry of the MCD regulated mortgage contract; and

    2. (b)

      clearly set out any assumptions that have been used.

  3. (3)

    The assumptions under (2)(b) must be reasonable and justifiable.

[Note: article 25(4) of the MCD]