Related provisions for MCOB 4.6.3
1 - 7 of 7 items.
A retail customer has no right to cancel a home finance transaction1 concluded with a firm but may have a right to cancel a distance contract concluded with a mortgage intermediaryor a home purchase intermediary1for the provision of his services. Whether a mortgage intermediary or a home purchase intermediary1 concludes a distance mortgage mediation contract or a distance home purchase mediation contract1 with a retail customer will depend on the circumstances. For example, an
(1) A retail customer has a right to cancel a distance mortgage mediation contractor a distance home purchase mediation contract1 in accordance with this section.(2) The right to cancel must be exercised within 14 days beginning on the later of:(a) the day of the conclusion of the contract; or(b) the day on which the retail customer receives the contractual terms and conditions and other information required by MCOB 4.4 and MCOB 4.5.
A retail customer who has a right to cancel a distance mortgage mediation contract or a distance home purchase mediation contract1 may, without giving any reason, cancel the contract by serving notice on the firm, before the expiry of the cancellation period in MCOB 4.6.4 R either:(1) by serving on, or otherwise sending by post, notice to the firm's last known address, addressed to the firm, its appointed representative or on any agent of the firm with authority to accept notice
When a retail customer exercises a right to cancel under MCOB 4.6.4 R:(1) the firm must:(a) pay to the retail customer without delay, and no later than 30 days after the date on which the firm received notice of cancellation from him, any sums which he has paid to or for the benefit of the firm in connection with the contract (including sums paid by the retail customer to agents of the firm) except for the amount referred to in (b);(b) subject to (c), the firm is permitted to
(1) There are certain additional disclosure requirements laid down by the Distance Marketing Directive that will have to be provided by a mortgage intermediary and a home purchase intermediary4 to a retail customer prior to the conclusion of a distance mortgage mediation contract or a distance home purchase mediation contract4. The purpose of this section, MCOB 4.5, is to set out those additional requirements. MCOB 4.6 sets out the cancellation rights that apply in relation to
If the initial contact of a kind in MCOB 4.4.1 R (1) is with a retail customer with a view to concluding a distance mortgage mediation contract or a distance home purchase mediation contract,4 a firm must:4(1) in addition to initial disclosure information and any other required information, provide the retail customer with the information in MCOB 4 Annex 3 in a durable medium in good time before the conclusion of the distance mortgage mediation contractor distance home purchase
(1) The rules in (2) do not apply to a firm with respect to a regulated mortgage activity or a home purchase activity2 exclusively concerning a distance contract if the following conditions are satisfied:2(a) the firm carries on the activity from an establishment maintained by the firm in an EEA State other than the United Kingdom; and(b) either the EEA State:(i) has implemented the DMD; or(ii) has obligations in its domestic law corresponding to those provided for by the DMD;and,