MCOB 8.1 Application

This chapter applies to a firm in a category listed in column (1) of the table in MCOB 8.1.2 R in accordance with column (2) of that table.

1. (1)

   This chapter applies to a firm4 in the course of carrying on an equity release activity:4

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   1. (a)

      makes, or anticipates making, a personal recommendation about; or

   2. (b)

      gives, or anticipates giving, personalised information relating to;

   the customer:

   1. (c)

      entering into an equity release transaction4; or

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   2. (d)

      varying the terms of an equity release transaction4 entered into by the customer.4

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2. (2)

   In respect of arranging or advising on a home reversion plan for a customer who is acting in his capacity as an unauthorised reversion provider, only MCOB 8.1, MCOB 8.2 and MCOB 8.7 apply.4

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1. (1)

   Initial disclosure requirements apply4 only in relation to varying the terms of an equity release transaction4 entered into by the customer in any of the following ways:

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   1. (a)

      adding or removing a party;

   2. (b)

      taking out a further advance; or

   3. (c)

      switching all or part of the lifetime mortgage3 from one interest rate to another.1

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2. (2)

   Otherwise, this chapter applies in relation to any form of variation of an equity release transaction.4

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