Related provisions for MCOB 10A.3.2

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MCOB 6A.4.1RRP
If a firm makes an offer to a consumer with a view to entering into or varying an MCD regulated mortgage contract, it must provide the consumer, along with the offer document, with a tariff of charges that could be incurred on the regulated mortgage contract.
MCOB 6A.4.2RRP
If the MCD regulated mortgage contract has any linked borrowing or linked deposits , details of the charges on these linked facilities (for example, charges payable on a linked current account) must be included in the firm'stariff of charges.
MCOB 6A.4.4RRP
If a firm makes an offer to a consumer with a view to entering into or varying an MCD regulated mortgage contract that includes a mortgage credit card, it must provide the customer with information explaining that the card will not give the customer the statutory rights associated with traditional credit cards.
SUP App 3.3.2GRP
The Treaty provides the framework for the provision of banking, insurance business, investment business, UCITS management services and insurance mediation1, while the Single Market Directives clarify the rights and freedoms within that framework.1
SUP App 3.3.6GRP
1(1) The European Commission has not produced an interpretative communication on MiFID3. It is arguable, however, that the principles in the communication on the Second Banking Directive can be applied to investment services and activities3. This is because Chaper II of Title II of MiFID3 (containing provisions relating to operating conditions for investment firms3) also applies to the investment services and activities3 of firms operating under the Banking Consolidation Directive,
SUP App 3.3.10GRP
The E-Commerce Directive does not affect the responsibilities of Home State under the Single Market Directives. This includes the obligation of a Home State regulator to notify the Host State regulator of a firm's intention to establish a branch in, or provide cross border services into, the other EEA State.
SUP App 3.3.13GRP
1The Single Market Directives require credit institutions, insurance undertakings (other than reinsurance undertakings)5, MiFID investment firms3, AIFMs, 7UCITS management companies,8insurance intermediaries and MCD credit intermediaries8 to make a notification to the Home State before establishing a branch or providing cross border services.SUP 13.5 (Notices of intention) sets out the notification requirements for a firm seeking to establish a branch or provide cross border services.
SUP App 3.6.3GRP
Under the Single Market Directives, however, EEA rights for the provision of services are concerned only with services provided in one of the ways referred to in SUP App 3.6.2 G (1) and (2) (How services may be provided).2
SUP App 3.6.5GRP
In the opinion of the European Commission (and in the wording of the Single Market Directives) "only activities carried on within the territory of another Member State should be the subject of prior notification" (Commission interpretative communication: Freedom to provide services and the interests of the general good in the Second Banking Directive (97/C 209/04)). In determining, for the purposes of notification, whether a service is to be provided 'within' another EEA State,
SUP App 3.6.11GRP
The key distinction in relation to temporary activities is whether a firm should make its notification under the freedom of establishment in a Host State, or whether it should notify under the freedom to provide services into a Host State. It would be inappropriate to discuss such a complex issue in guidance of this nature. It is recommended that, where a firm is unclear on the distinction, it should seek appropriate advice. In either case, where a firm is carrying on activities
SUP App 3.6.15GRP
The FCA and PRA consider6 that, in order to comply with Principle 3:Management and control (see PRIN 2.1.1 R), a firm should have appropriate procedures to monitor the nature of the services provided to its customers. Where a UK firm has non-resident customers but has not notified the EEA State in which the customers are resident that it wishes to exercise its freedom to provide services, the FCA and PRA6 would expect the firm's systems to include appropriate controls. Such controls
MCOB 11A.3.1RRP
(1) An MCD mortgage lender must specify in a fair, clear and not misleading way, in good time before assessing affordability of a MCD regulated mortgage contract, to a consumer:(a) all the necessary information and independently verifiable evidence that the consumer needs to provide; and(b) the timeframe within which the consumer needs to provide the information or evidence.(2) A request for information or evidence under (1) must be proportionate and limited to what is necessary
MCOB 11A.3.2GRP
Under the Data Protection Act 1998, an MCD mortgage lender must inform a consumer in advance if a database is to be consulted in conducting any assessment of affordability for an MCD regulated mortgage contract.[Note:article 18(5)(b) of the MCD]
MCOB 11A.3.3RRP
(1) Where an MCD mortgage lender rejects a consumer's application for an MCD regulated mortgage contract, the MCD mortgage lender must inform the consumer without delay:(a) of the rejection and, where applicable, that the decision is based on automated processing of data; and(b) where the rejection is based on the result of the database consultation, of the result of such consultation and of the particulars of the database consulted.[Note: article 18(5)(c) of the MCD](2) No obligation
MCOB 3B.1.1RRP
This chapter applies to a firm that is an MCD mortgage lender or a tied MCD mortgage credit intermediary.
MCOB 3B.1.2RRP
A firm must make available clear and comprehensible information about MCD regulated mortgage contracts at all times on paper, or on another durable medium or in electronic form, that includes:(1) the identity and the geographical address of the firm;(2) the purposes for which the credit may be used;(3) the forms of security, including, where applicable, the possibility for it to be located in a different EEA State;(4) the possible duration of the MCD regulated mortgage contracts;(5)
MCOB 3B.1.3GRP
(1) A firm may make the information in MCOB 3B.1.2 R available by publishing it on a website.(2) The MCD regulated mortgage contracts in MCOB 3B.1.2 R are those offered or entered into by the firm.
MCOB 4.4A.4RRP
(1) If a firm is not offering to the customer products from an unlimited range from across the relevant market, in2 its disclosure on product range in MCOB 4.4A.1 R, the firm must:22(a) where it is an MCD mortgage credit intermediary,2 list the names of all the mortgage lenders whose products it is offering; or(b) where it is not an MCD mortgage credit intermediary, either22(i) comply with (a); or2(ii) inform the customer of the number of mortgage lenders whose products it is
MCOB 4.4A.8RRP
(1) The information about the basis of remuneration required by MCOB 4.4A.1R (2) must include all relevant information, including the following details:(a) any fees which the firm will charge to the customer;(b) when any such fees will be payable and, if applicable, reimbursable; and(c) whether the firm will receive commission from the mortgage lender or another third party and, if applicable, whether any commission will be offset against any fees charged and the arrangements
MCOB 4.4A.9RRP
The information required by MCOB 4.4A.1 R, MCOB 4.4A.2 R, MCOB 4.4A.4R (1),2MCOB 4.4A.8 R and MCOB 4.4A.8A R2 must be communicated clearly and prominently, and in doing so:(1) an MCD mortgage adviser, or any other firm that is8 an MCD mortgage lender or an MCD mortgage arranger that provides advisory services within the meaning of article 4(21) of the MCD,8 must provide the information in MCOB 4.4A.1R(1) and (2) and MCOB 4.4A.8R(1)(a) and (2)(e)8 in a durable medium;22(a) [deleted]82(b)
MCOB 4.4A.12RRP
The information required by MCOB 4.4A.1 R, MCOB 4.4A.2 R, MCOB 4.4A.4R(1) and (3)8, MCOB 4.4A.8 R and MCOB 4.4A.8A R2 must be provided:222(1) in the case of information required by MCOB 4.4A.1R (1) and MCOB 4.4A.1R (2), MCOB 4.4A.4R (1)(a) and (3), and MCOB 4.4A.8R (1)(a), (c) ,(d) and (2), where the firm is an MCD credit intermediary, in good time before carrying out any MCD credit intermediation activity; 2(1A) in the case of information required by MCOB 4.4A.1R(1) and (2)
MCOB 4.4A.20AGRP
(1) 2An MCD mortgage lender or an MCD credit intermediary may comply with MCOB 4.4A.18R (3) and (5) to MCOB 4.4A.18R (9) by providing an ESIS to the consumer prior to the conclusion of the MCD regulated mortgage contract. (2) Provided that the provisions of MCOB 4.4A on the methods and timing of disclosure are complied with, an MCD mortgage lender or an MCD credit intermediary may comply with MCOB 4.4A.18R (1), (2) and MCOB 4.4A.18R (4) by providing the necessary information in
MCOB 7.6.25RRP
7(1) The illustration provided in accordance with MCOB 7.6.22 R may diverge from the requirements of MCOB 5 (Pre-application disclosure) where it is necessary to do so to reflect the fact that the illustration is being provided in respect of the addition or removal of a party to the contract.7(2) The ESIS provided under MCOB 7.6.22R (2) may diverge from the requirements of MCOB 5A (MCD Pre-application disclosure) where it is necessary to do so to reflect that the ESIS is being
MCOB 7.6.31RRP
Where MCOB 7.6.28 R applies, a firm may issue either:77(1) an illustration in accordance with MCOB 5 (Pre-application disclosure) in place of the information set out in MCOB 7.6.28 R; or7(2) an ESIS in accordance with MCOB 5A (MCD Pre-application disclosure),7in place of the information set out in MCOB 7.6.28 R.7
MCOB 7.6.31ARRP
(1) 7The illustration provided under MCOB 7.6.31R (1) may diverge from the requirements of MCOB 5 (Pre-application disclosure) where it is necessary to do so to reflect the circumstances in which it is being provided.(2) The ESIS provided under MCOB 7.6.31R (2) may diverge from the requirements of MCOB 5A (MCD Pre-application disclosure) where it is necessary to do so to reflect the circumstances in which it is being provided.
MCOB 7.6.33GRP
7(1) Where a customer simultaneously requests a rate switch and the addition or removal of a party to the loan, a firm will not be required to provide the customer with a separate illustration for each in accordance with MCOB 7.6.18R (1) and MCOB 7.6.22R (1). The firm may provide the customer with a single illustration that complies with the requirements of MCOB 5(Pre-application disclosure) for both.7(2) Where a customer simultaneously requests a rate switch and the addition
MCOB 7.6.35RRP
7Where a firm provides a customer with an ESIS under MCOB 7.6.18R (2), MCOB 7.6.22R (2) or MCOB 7.6.31R (2), that includes an additional APRC, the firm must either:(1) base that additional APRC on the APRC previously provided to the customer under MCOB 5A (MCD Pre-application disclosure); or(2) calculate that additional APRC in accordance with MCOB 10A.1.6 R, Section 4 of MCOB 5A Annex 1 and MCOB 5A Annex 2, 6.2R to 6.12R.
SUP 13.6.9DGRP
(1) 13A UK firm which has exercised an EEA right deriving from the MCD to establish a branch, must not make any material changes to the requisite details of the branch unless it has complied with the requirements in regulation 17(B)(2).(2) The requirements in regulation 17(B)(2) are that(a) the UK firm has given notice to the FCA stating the details of the proposed change; and(b) the period of one month beginning with the day on which the UK firm gave notice has elapsed.(3) Paragraph
SUP 13.6.10GRP
(1) If the change arises from circumstances beyond the UK firm's control, the UK firm is required by regulation 11(3) or regulation 13(3) to give a notice to the appropriate UK regulator17 and to the Host State regulator stating the details of the change as soon as reasonably practicable;14(2) The appropriate UK regulator17 believes that for a change to arise from circumstances beyond the control of a UK firm, the circumstances should be outside the control of the firm7 as a whole
SUP 13.6.11GRP
When the appropriate UK regulator17 receives a notice from a UK firm other than a MiFID investment firm7(see SUP 13.6.5 G (1) and SUP 13.6.7 G (1))14, a UK firm exercising an EEA right under the MCD (see (SUP 13.6.9D G)13 or an AIFM (see SUP 13.6.9C G)10it is required by regulations 11(4) and 13(4) to either refuse, or consent to the change within a period of one month7 from the day on which it received the notice.171087
SUP 13.6.19GRP
13When the FCA receives a notice from a UK firm exercising an EEA right under the MCD it will, under regulation 17(B)(3), inform the relevant Host State regulator of the proposed change as soon as reasonably practicable. The UK firm in question may make the change once a period of one month has elapsed beginning with the day on which it gave notice.
MCOB 5A.6.1RRP
(1) A firm may provide information to the consumer in addition to that contained in the ESIS.(2) A firm must provide the additional information in (1) in a separate document.(3) A firm may annexe the separate document in (2) to the ESIS.[Note: article 14(8) of the MCD]
MCOB 5A.6.2RRP
(1) Where a firm issues an ESIS in relation to an MCD lifetime mortgage, the firm must simultaneously issue the consumer with a document in a durable medium containing the statements and warnings set out in the following rules, as modified by (2) below, as if the mortgage was an MCD exempt lifetime mortgage: MCOB 9.4.33 R, MCOB 9.4.35 R, MCOB 9.4.62 R, and MCOB 9.4.63 R only.(2) The document issued under (1) must contain the prescribed section headings but need not contain section
MCOB 5A.1.1RRP
This chapter applies to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary.
MCOB 5A.1.2GRP
(1) MCOB 5A amplifies Principle 6 and Principle 7.(2) The purpose of MCOB 5A is to ensure that, before a consumer submits an application for a particular MCD regulated mortgage contract, they are supplied with information that makes clear: (a) its features, any linked deposits, any linked borrowing and any tied products; and (b) the price that the consumer will be required to pay under that contract, to enable the consumer to make a well-informed purchasing decision.(3) MCOB 5A
MCOB 7B.1.1RRP
This chapter applies to a firm that is an MCD mortgage lender or an MCD mortgage credit intermediary.
MCOB 7B.1.2RRP
Before a consumer submits an application to a firm for a further advance on an existing or new MCD regulated mortgage contract or for a further advance that is a new MCD regulated mortgage contract, if the further advance requires the approval of the MCD mortgage lender, the firm must provide the consumer with an ESIS that complies with MCOB 5A (MCD pre-application disclosure) and MCOB 7B.1.4 R for the further advance, unless an ESIS has already been provided.
MCOB 5A.2.1RRP
An MCD mortgage lender must not enter into an MCD regulated mortgage contract, or agree to do so, with a consumer unless the consumer has submitted an application for that particular MCD regulated mortgage contract.
MCOB 5A.2.2GRP
(1) The purpose of MCOB 5A.2.1 R, along with other rules in this chapter, is to ensure that the consumer has received details of the particular MCD regulated mortgage contract for which they have applied, and has had the opportunity to satisfy themselves that it is appropriate for them. (2) The application should identify the type of interest rate, rate of interest and the MCD mortgage lender at the point it is submitted by the consumer.
MCOB 7A.4.1RRP
(1) A firm must warn any consumer with a foreign currency loan, on a regular basis, where the value of either: (a) the total amount payable by the consumer which remains outstanding; or (b) the regular instalments;varies by more than 20% from what it would be if the exchange rate between the currency of the MCD regulated mortgage contract and the currency of the EEA State, applicable at the time of the conclusion of the MCD regulated mortgage contract, were applied.(2) The warning
MCOB 7A.4.2RRP
A firm must disclose to the consumer its arrangements for complying with the obligations in MCOB 7A.4.1 R in the MCD regulated mortgage contract.[Note: article 23(6) of the MCD]
MIPRU 2.1.1RRP
1This chapter applies to a firm with Part 4A permission to carry on insurance mediation activity or MCD credit intermediation activity.2
MIPRU 2.1.2GRP
The main purpose of this chapter is to implement in part the provisions of the Insurance Mediation Directive and the MCD2 as these apply to firms regulated by the appropriate regulator.
MCOB 4A.3.1RRP
An MCD mortgage adviser, or any other firm that is an MCD mortgage lender or an MCD mortgage arranger that provides advisory services within the meaning of article 4(21) of the MCD, must, for the particular transaction, explicitly inform the consumer whether advisory services are being, or can be, provided to the consumer.[Note: article 22(1) of the MCD]
MCOB 4A.3.2RRP
Where an MCD mortgage adviser, or any other firm that is an MCD mortgage lender or an MCD mortgage arranger that provides advisory services within the meaning of article 4(21) of the MCD, advises on a transaction relating to an MCD regulated mortgage contract, it must give the consumer a record on paper, or in another durable medium, of the recommendation provided.[Note: article 22(3)(e) of the MCD]
SUP 13A.2.1GRP
A person will only be an EEA firm or a Treaty firm if it has its head office in an EEA State other than the United Kingdom. EEA firms and Treaty firms are entitled to exercise both the right of establishment and the freedom to provide services under the Treaty. The difference, however, is that an EEA firm has a right to passport under a Single Market Directive or the auction regulation2, whereas a Treaty firm carries on activities for which the right to carry on those activities
SUP 13A.2.2GRP
An EEA firm may passport those activities which fall within the scope of the relevant Single Market Directive or the auction regulation2 as long as they are included in its Home State authorisation.
MCOB 2A.4.1RRP
(1) An MCD mortgage lender must give a consumer who enters into an MCD regulated mortgage contract the right to discharge fully or partially his obligations under that MCD regulated mortgage contract prior to its expiry.(2) If the consumer exercises the right in (1), the MCD mortgage lender must reduce the total cost of the credit to the consumer by an amount equal to the interest and costs for the remaining duration of the MCD regulated mortgage contract.[Note: article 25(1)
MCOB 2A.4.2RRP
MCOB 2A.4.1R (1) does not prevent an MCD mortgage lender from imposing an early repayment charge in accordance with MCOB 12.3.1 R.
PERG 4.10.4AGRP
(1) 3The exclusion in article 67 of the Regulated Activities Order (Activities carried on in the course of a profession or non-investment business) does not apply if applying the exclusion would take activities covered by the MCD outside the definition of certain regulated mortgage activities. (2) Please see PERG 4.10A (Activities regulated under the Mortgage Credit Directive) for more details.
PERG 4.10.8AGRP
(1) 3The exclusion in article 66 of the Regulated Activities Order (Trustees, nominees and personal representatives) does not apply if applying the exclusion would take activities covered by the MCD outside the definition of certain regulated mortgage activities. (2) Please see PERG 4.10A (Activities regulated under the Mortgage Credit Directive) for more details.
PERG 4.10.10GRP
1There are exclusions that apply, in relation to each of the regulated mortgage activities and to advising on regulated credit agreements for the acquisition of land,6 if the person carrying on the activity is a local authority or a wholly owned subsidiary of a local authority. They can be found in article 72G of the Regulated Activities Order, but only apply where:63(a) the relevant agreement was entered into before 21 March 2016; or6(b) the relevant agreement is entered into
SUP App 3.9.1GRP
The following Tables 1, 2, 2ZA 7 2A and 2B1 provide an outline of the regulated activities and specified investments that may be of relevance to firms considering undertaking passported activities under the CRD6, 1MiFID3, AIFMD7, the UCITS Directive, the MCD9 and the Insurance Mediation Directive.1 The tables may be of assistance to UK firms that are thinking of offering financial services in another EEA State and to EEA firms that may offer those services in the United King
SUP App 3.9.2GRP
The tables provide a general indication of the investments and activities specified in the Regulated Activities Order that may correspond to categories provided for in the CRD6, 1MiFID3, AIFMD7, the UCITS Directive, the MCD9 or the Insurance Mediation Directive1. The tables do not provide definitive guidance as to whether a firm is carrying on an activity that is capable of being passported, nor do the tables take account of exceptions that remove the effect of articles. Whether
SUP App 3.9.8GRP

Table 3: MCD activities

Part II RAO specified activities

Part III RAO Investments

1

Acting as credit intermediary

Articles 25A(1), 25A11(2A), 53A, 36A(1)(d), (e), (f) and 53DA

Articles 88 and 88D

SUP 13A.1.1GRP
(1) 1This chapter applies to an EEA firm that wishes to exercise an entitlement to establish a branch in, or provide cross border services into, the United Kingdom under a Single Market Directive or the auction regulation7. (The Act refers to such an entitlement as an EEA right and its exercise is referred to in the Handbook as "passporting".) (See SUP App 3 (Guidance on passporting issues) for further guidance on passporting.)The chapter does not, apart from in SUP 13A.6G (rules
SUP 13A.1.3GRP
(1) Under the Gibraltar Order2 made under section 409 of the Act, a Gibraltar firm is treated as an EEA firm under Schedule 3 to the Act if it is:22(a) [deleted]141212(aA) [deleted]1212(b) authorised in Gibraltar under the CRD8; or282(c) authorised in Gibraltar under the Insurance Mediation Directive; or2(d) authorised in Gibraltar under the MiFID4;9 or114(e) authorised in Gibraltar under the UCITS Directive9; or11(f) authorised in Gibraltar under AIFMD.11(g) authorised in Gibraltar
SUP 13A.1.5GRP
(1) EEA firms should note that this chapter only addresses the procedures which the appropriate UK regulator16 will follow under the Act.So, an EEA firm should consider this guidance in conjunction with the requirements with which it will have to comply in its Home State. 166(2) The guidance in this chapter represents the appropriate UK regulator's16 interpretation of the Single Market Directives, the auction regulation,7 the Act and the secondary legislation made under the Act.