Related provisions for MCOB 7.6.3

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MCOB 12.3.1RRP
A firm must ensure that any regulated mortgage contract that it enters into does not impose, and cannot be used to impose, an early repayment charge other than one that is:(1) able to be expressed as a cash value; and(2) a reasonable pre-estimate of the costs as a result of the customer repaying the amount due under the regulated mortgage contract before the contract has terminated.
MCOB 12.3.2GRP
A firm can choose the method it employs for calculating early repayment charges in accordance with MCOB 12.3.1 R. A firm3 should not use the 'Rule of 78' , which is not appropriate as it effectively overstates the cost to the mortgage lender.33
MCOB 12.3.3GRP
A firm may calculate the same level of early repayment charge for all regulated mortgage contracts of a similar type (for example a tranche of regulated mortgage contracts offering a particular fixed rate of interest), rather than on the basis of the individual regulated mortgage contract with the particular customer.
MCOB 12.3.4RRP
Before: (1) entering into a regulated mortgage contract with a customer; or(2) making a further advance on an existing regulated mortgage contract; or (3) changing all or part of a regulated mortgage contract from one interest rate to another;1a firm must disclose to the customer:(a) in the illustration provided in accordance with MCOB 5, MCOB 7.6.7 R, MCOB 7.6.18 R, MCOB 7.6.22 R, MCOB 7.6.31 R, or MCOB 9; and(b) in the illustration provided as part of the offer document in accordance
MCOB 12.3.5GRP
The effect of article 29 of the MCD Order is that various provisions of, or made under, the CCA continue to apply to “consumer credit back book mortgage contracts” (as defined in article 2 of the MCD Order). These include the5Consumer Credit (Early Settlement) Regulations 2004, which5 continue to apply to a second charge regulated mortgage contract entered into before 21 March 2016 and to a legacy CCA mortgage contract5.4
MCOB 10A.1.2RRP
Whenever the opening or maintaining of an account is obligatory to obtain the credit, or to obtain it on the terms and conditions marketed, the total cost of credit to the consumer must include the following costs:(1) opening and maintaining a specific account;(2) using a means of payment for both transactions and drawdowns on that account; (3) other costs relating to payment transactions;[Note: article 17(2) of the MCD]
MCOB 10A.1.4RRP
If an MCD regulated mortgage contract allows variations in the:(1) borrowing rate; or(2) charges contained in the APRC;and they are unquantifiable at the time the APRC is calculated, the APRC must be calculated on the assumption that the borrowing rate and other charges will remain fixed in relation to the level set when the contract is entered into.[Note: article 17(4) of the MCD]
MCOB 10A.1.5RRP
If an MCD regulated mortgage contract contains a fixed borrowing rate in relation to the initial period of at least five years, at the end of which a negotiation on the borrowing rate must take place to agree on a new fixed rate for a further material period, the calculation of the additional, illustrative APRC disclosed in the ESIS must:(1) cover only the initial fixed-rate period; and(2) be based on the assumption that, at the end of the fixed borrowing rate period, the capital
MCOB 10A.1.6RRP
If an MCD regulated mortgage contract:(1) allows for variations in the borrowing rate; and(2) it does not fall within MCOB 10A.1.5 R,the ESIS must contain an additional APRC which illustrates the possible risks linked to a significant increase in the borrowing rate. Where the borrowing rate is not capped, this information must be accompanied by a warning highlighting that the total cost of the credit to the consumer, shown by the APRC, may change.[Note: article 17(6) of the M
CONC 8.7.1GRP
(1) The distance marketing rules in CONC 2.6, including the right to cancel in CONC 11, apply to firms with respect to distance contracts which are credit agreements, consumer hire agreements and agreements the subject matter of which comprises, or relates to, debt counselling, debt adjusting, providing credit information services and providing credit references. CONC 11 excludes various credit agreements from the right to cancel.(2) Where a consumer uses the right to cancel under
CONC 8.7.2RRP
A firm must ensure that the obligations of the customer in relation to the amount, or the timing of payment, of its fees or charges:(1) do not have the effect that the customer pays all, or substantially all, of those fees in priority to making repayments to lenders in accordance with the debt management plan; and(2) do not undermine the customer's ability to make (through the firm acting on the customer's behalf) significant repayments to the customer'slenders throughout the
CONC 8.7.3GRP
(1) For the purposes of CONC 8.7.2R (2), an obligation is likely to be viewed as undermining the customer's ability to make significant repayments to the customer'slenders if it has the effect that the firm may allocate more than half of the sums received from the customer in any one-month period from the start of the debt management plan to the discharge (in whole or in part) of its fees or charges.(2) Once the customer has paid any initial fee for the arrangement and preparation
CONC 8.7.4RRP
A firm must:(1) in good time before entering into a contract with the customer, disclose the existence of any commission or incentive payments relevant to the service provided to the customer between the firm and any third party and at any time, if the customer requests, disclose the amount of any such commission or incentive payment; [Note: paragraph 3.34b and c of DMG](2) send a revised financial statement in the same format as that required under CONC 8.5.1 R to the customer'slenders
CONC 8.7.5GRP
A firm, in presenting its fees, costs and charges, should distinguish the fees payable for the firm's services from any charges payable for court proceedings or other insolvency proceedings.
CONC 8.7.6RRP
A firm must not:(1) without a reasonable justification, switch a customer from one debt solution to another while making a further charge for setting up or administering the new debt solution to the extent that some or all of that work has already been carried out by the firm; [Note: paragraphs 3.32 and 34k of DMG](2) switch a customer to a different debt solution, without obtaining the customer's consent after having fully explained to the customer the reason for the change;
MCOB 12.5.1RRP
A firm must ensure that any regulated mortgage contract,2home reversion plan1 or regulated sale and rent back agreement2 that it enters into does not impose, and cannot be used to impose, excessive charges upon a customer. 2
MCOB 12.5.2RRP
A firm must ensure that its charges to a customer in connection with the firmentering into, making a further advance or further release on, administering, arranging or advising on a regulated mortgage contract,2home reversion plan or regulated sale and rent back agreement2, or arranging or advising on a variation to the terms of a regulated mortgage contract,2home reversion plan or regulated sale and rent back agreement2are not excessive.1122
MCOB 12.5.3GRP
When determining whether a charge is excessive, a firm should consider:(1) the amount of its charges for the services or products in question compared with charges for similar products or services on the market; (2) the degree to which the charges are an abuse of the trust that the customer has placed in the firm; and (3) the nature and extent of the disclosure of the charges to the customer.
MCOB 12.5.5RRP
3A second charge lender may only charge interest on charges applied to a customer for breach of a second charge regulated mortgage contract if the interest is simple interest.
CONC 8.6.3RRP
A firm must only advise a customer to make repayments at a rate lower than the rate necessary to meet interest and charges accruing where it is in the customer's best interests. [Note: paragraph 3.28b of DMG]
CONC 8.6.4GRP
(1) The FCA expects it will generally be in the customer's best interests to maintain regular payments to lenders (even if the repayment is less than the full sum due).(2) An example where it might be in the customer's best interests not to repay at the rate necessary to meet interest and charges accruing is where there is insufficient disposable income to meet essential expenditure of the type referred to in CONC 8.5.3 G. Where that is the case, the firm should explain clearly
CONC 8.6.5RRP
Where a firm has advised a customer not to make contractual repayments (in full or in part) or to cancel the means of making such payments or not to make repayments necessary to meet interest and charges accruing, the firm must advise the customer if it becomes clear that that course of action is not producing effects in the customer's best interests to enable the customer to take action in the customer's best interests. Note: paragraph 3.28c of DMG]
CONC 8.6.6GRP
(1) An example of an effect not in the customer's best interests would be if a lender does not agree to stop applying interest and charges to the customer's debt. [Note: paragraph 3.28c of DMG](2) Where it becomes clear that the course of action in CONC 8.6.5 R is not producing effects in the customer's best interests the firm should, where withdrawing from the debt management plan may be in the customer's best interests, advise the customer of the possibility of withdrawing from
MCOB 9.9.3RRP
The statement must contain: (1) details of the following transactions during the period since the last statement (or, where it is the first statement, since the customer entered into the instalment reversion plan):(a) the date and amount of each payment made by the reversion provider; and(b) any amounts charged under the instalment reversion plan during the statement period, including fees and any amounts due in relation to tied products;(2) information at the date the statement
MCOB 9.9.4RRP
If the tariff of charges has changed since the last annual statement was sent to the customer (or, where it is the first statement, since the customer entered into the instalment reversion plan) and a firm has not already sent a revised tariff of charges, it must include one with the annual statement.
MCOB 9.9.8RRP
If the customer wants to release further equity from the property through a home reversion plan, the firm must treat this transaction as a new home reversion plan, even if the parties to the arrangement are the same.
CONC 15.1.5RRP
In good time before a credit agreement is made and, where section 58 applies, before an unexecuted agreement is sent to the customer for signature a firm must:(1) disclose key contract terms and conditions of the prospective credit agreement;(2) disclose any features of the prospective credit agreement which carry a particular risk to the customer;(3) inform the customer of the consequences of missing payments or of making underpayments, including the imposition of default charges,
CONC 15.1.9GRP
Before a regulated credit agreement secured on land is entered into: (1) the firm should consider the adequate explanations it should give to the customer under CONC 4.2; and[Note: paragraph 3.1 (box) of ILG](2) the firm is required under CONC 5.2.2 R (1) to assess the potential for commitments under the agreement to adversely impact the customer's financial situation.[Note: paragraphs 1.14 and 4.1 of ILG]
CONC 15.1.11RRP
A firm must set out the nature and purpose of the fees and charges payable by the customer, including any fees or charges payable on the customer's default:(1) in the credit agreement; and(2) in any booklet or leaflet relating to the agreement.
CONC 15.1.12RRP
Where rates and charges under a credit agreement are variable, a firm must:(1) before entering into the agreement, explain to the customer the consequences of such variations on the amount of periodic instalments payable and on the total amount payable;(2) only increase rates or charges to recover genuine increases in costs of the firm which have an effect on the credit provided under the agreement; and (3) explain to the customer before changing any rate or charge under the
CONC 15.1.13RRP
Where a customer wishes to make repayments ahead of time:(1) a firm's charges for early repayment must be fair and reasonable and must reflect the firm's necessary costs in relation to such repayment; (2) the firm must fully explain the process and costs involved in early repayment; and(3) the firm must allow the customer to make part early repayment of the capital.
MCOB 9.8.1RRP
The statement required by MCOB 7.5.1 R must contain the following information:(1) except in the case of mortgage credit cards, information on the type oflifetime mortgage,3 (for example, fixed rate or variable rate) including a clear statement of how the firm expects the capital, or capital and interest (whichever is applicable) to be repaid (for example, from the proceeds of the sale of the property);3(2) details of the following transactions and information on the lifetime
MCOB 9.8.5RRP
The illustration provided in accordance with MCOB 7.6.7 R must;(1) be based on the amount of the further advance only;(2) use the term 'additional borrowing' in place of the term 'lifetime mortgage' where appropriate throughout the titles and text of the illustration;(3) include an additional section headed: 'Total borrowing' and numbered '9' after Section 8, (with subsequent sections of the illustration renumbered accordingly) including the following text:(a) "This section gives
MCOB 9.8.7RRP
MCOB 9.4.18 R is replaced with the following: "Section 1: 'About this information' Under the section heading 'About this information', the following text must be included:"We are required by the Financial Conduct Authority (FCA) - the independent watchdog that regulates financial services - to provide you with this illustration. All firms selling lifetime mortgages are required to give illustrations, like this one, that contain similar information presented in the same way."
MCOB 9.8.9RRP
If a customer requests, or agrees to, a change to a lifetime mortgage3 (other than a change as described in MCOB 7.6.7 R to MCOB 7.6.27 R (as modified by MCOB 9)) that changes the amount of each payment due (where payments are required), a firm must provide the customer with the following information, in a single communication, before the change takes effect:3(1) the amount outstanding on the lifetime mortgage3 at the date the change is requested;3(2) the payment due and the frequency
MCOB 9.8.10RRP
If a customer requests, or agrees to, a change to a lifetime mortgage.3(other than a change as described in MCOB 7.6.7 R to MCOB 7.6.27 R (as modified by MCOB 9)) that changes the amount paid to the customer under a drawdown mortgage, or the amount that the customer will owe under an interest roll-up mortgage5, or both, a firm must provide the customer with the following information, in a single communication, before the change takes effect:3(1) the amount outstanding on the lifetime
COBS 6.1D.4RRP
(1) Except as specified in COBS 6.1D.6A R,1 a firm must not offer or pay (and must ensure that none of its associates offers or pays) any commissions, remuneration or benefit of any kind to another firm, an employee benefit consultant or to any other third party for the benefit of that firm, employee benefit consultant or third party in relation to the sale or purchase of: (a) a group personal pension scheme or group stakeholder pension scheme, whether or not that sale or purchase
COBS 6.1D.5GRP
The requirement not to offer or pay commission does not prevent a firm from making a payment to a third party in respect of administration or other charges incurred, for example a payment to a fund supermarket or a third party administrator.
COBS 6.1D.6ARRP
1A firm and its associates may, except in connection with a qualifying scheme: 3(1) offer and pay a commission, remuneration or benefit of any kind in the circumstances set out in COBS 6.1D.4 R if:(a) the employer’s part of the relevant scheme was established on or before 30 December 2012; and(b) the offer or payment was permitted by the rules in force on 30 December 2012; and(2) enter into an arrangement under which the right to receive the commission, remuneration or benefit
COBS 6.1D.10GRP
A firm should consider whether the flexibility in levels of consultancy charges it offers to facilitate is sufficient so as not to unduly influence or restrict the charging structure and consultancy charges that the firm providing advice to an employer in relation to a group personal pension scheme or group stakeholder pension scheme can use.
ICOBS 7.2.2RRP
(1) When a consumer exercises the right to cancel he may only be required to pay, without any undue delay, for the service actually provided by the firm in accordance with the contract.(2) The amount payable must not:(a) exceed an amount which is in proportion to the extent of the service already provided in comparison with the full coverage of the contract; and(b) in any case be such that it could be construed as a penalty.(3) A firm must not require a consumer to pay any amount:(a)
ICOBS 7.2.3GRP
The amount payable may include: (1) any sums that a firm has reasonably incurred in concluding the contract, but should not include any element of profit;(2) an amount for cover provided (i.e. a proportion of the policy's exposure that relates to the time on risk);(3) a proportion of the commission paid to an insurance intermediary sufficient to cover its costs; and(4) a proportion of any fees charged by an insurance intermediary which, when aggregated with any commission to be
ICOBS 7.2.5GRP
An insurer and an insurance intermediary should take reasonable steps to ensure that double recovery of selling costs is avoided, particularly where the contract for the insurance intermediary's services is a distance contract, or where both commission and fees are recouped by the insurer and insurance intermediary respectively.
ICOBS 7.2.8GRP
If an insurer has made a charge for services provided, the sums and property to be returned by a consumer should not include any money or property provided in settling a claim.
CONC 7.18.3RRP
(1) The firm must, when the firm next sends a statement to the borrower, give or send the borrower a notice including the information set out in CONC 7.18.5 R.(2) A firm must accompany the notice required by (1) with a copy of the current arrears information sheet under section 86A of the CCA with the following modifications:(-a) for the heading “Arrears” substitute “Arrears – peer-to-peer lending”;1(a) for the bullet point headed “Work out how much money you owe” substitute:“Work
CONC 7.18.4RRP
In this section “payments” means payments to be made at predetermined intervals provided for under the terms of the agreement.
CONC 7.18.5RRP
The notice referred to in CONC 7.18.3 R must contain the following information:(1) a form of wording to the effect that it is given in compliance with the rules because the borrower is behind with his payments under the agreement;(2) a form of wording encouraging the borrower to discuss the state of his account with the firm;(3) the date of the notice;(4) a description of the agreement sufficient to identify it;(5) (a) the name, telephone number, postal address and, where appropriate,
CONC 7.18.6RRP
Where the notice includes a form of wording to the effect that it is not a demand for immediate payment, the firm must include wording explaining why it is not such a demand.
CONC 7.18.7RRP
(1) Subject to (2), where the total amount which the borrower has failed to pay in relation to the last two payments due under the agreement prior to the date on which the firm came under a duty to give the borrower a notice under CONC 7.18.3 R is not more than £2, the notice:(a) need not include any of the information or statements referred to in CONC 7.18.4 R;(b) but, in that event, shall contain a statement in the following form:"You have failed to make two minimum paymentsFailing
DISP App 3.1.1GRP
(1) 1This appendix sets out how a firm should handle complaints relating to the sale of a payment protection contract by the firm which express dissatisfaction about the sale, or matters related to the sale, including where there is a rejection of claims on the grounds of ineligibility or exclusion (but not matters unrelated to the sale, such as delays in claims handling).(2) It relates to the sale of any payment protection contract whenever the sale took place and irrespective
DISP App 3.1.5GRP
In this appendix:(1) "historic interest" means the interest the complainant paid to the firm because a2payment protection contract was added to a loan or credit product;(2) "simple interest" means a non-compound rate of 8% per annum; and(3) "claim" means a claim by a complainant seeking to rely upon the policy under the payment protection contract that is the subject of the complaint.
REC 3.9.1GRP
The purpose of REC 3.9.2 R is to enable the FCA1to obtain information on changes to standard tariffs for matters such as membership and trading and of any scheme introduced by the UK recognised body for rebating or waiving fees or charges. A UK recognised body is not required to inform the FCA1of fees or charges for which the UK recognised body does not charge according to a standard tariff.11
REC 3.9.2RRP
A UK recognised body must give the FCA1a summary of:1(1) any proposal to change the fees or charges levied on its members (or any group or class of them), at the same time as the proposal is communicated to those members; and(2) any such change, no later than the date when it is published or notified to those members.
DISP App 3.2.1GRP
The firm should consider, in the light of all the information provided by the complainant and otherwise already held by or available to the firm, whether there was a breach or failing by the firm.
DISP App 3.2.5GRP
If, during the assessment of the complaint, the firm uncovers evidence of a breach or failing not raised in the complaint, the firm should consider those other aspects as if they were part of the complaint.
DISP App 3.2.7GRP
The firm should consider all of its sales of payment protection contracts to the complainant in respect of re-financed loans that were rolled up into the loan covered by the payment protection contract that is the subject of the complaint. The firm should consider the cumulative financial impact on the complainant of any previous breaches or failings in those sales.
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.4.3GRP
A firm may include the tariff of charges as an integral part of the offer document, or provide it separately along with the offer document.
COBS 6.1F.-1RRP
This section does not apply if the retail client is outside the United Kingdom.
COBS 6.1F.1RRP
1A firm which:2(1) arranges for retail clients to buy retail investment products or makes personal recommendations to retail clients in relation to retail investment products; and22(2) uses a platform service for that purpose;must take reasonable steps to ensure that it uses a platform service which presents its retail investment products without bias.
COBS 6.1F.2GRP
When selecting and using a platform service for the purpose described in COBS 6.1F.1 R, a firm should be mindful of its duty to comply with the client's best interests rule and the rule on inducements (COBS 2.3.1 R).
ICOBS 4.4.1RRP
(1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy.(2) Disclosure must be in cash terms (estimated, if necessary) and in writing or another durable medium. To the extent this is not possible, the firm must give the basis for calculation.
ICOBS 4.4.2GRP
An insurance intermediary should include all forms of remuneration from any arrangements it may have. This includes arrangements for sharing profits, for payments relating to the volume of sales, and for payments from premium finance companies in connection with arranging finance.
ICOBS 4.4.3GRP
(1) The commission disclosure rule is additional to the general law on the fiduciary obligations of an agent in that it applies whether or not the insurance intermediary is an agent of the commercial customer.(2) In relation to contracts of insurance, the essence of these fiduciary obligations is generally a duty to account to the agent’s principal. But where a customer employs an insurance intermediary by way of business and does not remunerate him, and where it is usual for
DTR 8.4.6RRP
A primary information provider must set out clearly:(1) the services it provides in relation to the dissemination of regulated information; and(2) the fees it charges for the provision of those services.
DTR 8.4.7RRP
A primary information provider must not charge a regulatory body listed in DTR 8 Annex 1 for the dissemination of regulated information.
DTR 8.4.30RRP
A primary information provider must supply free of charge all regulated information that it disseminates, exclusive of all other information, to the FCA or an agent appointed by the FCA to act on its behalf.
DTR 8.4.34RRP
A primary information provider must notify the FCA immediately if:(1) there is any change to the names and contact details of staff who are available to assist the FCA exercise its functions in relation to the dissemination of regulated information by the primary information provider; or(2) any contractual arrangement between the primary information provider and a media operator regarding the dissemination of regulated information is terminated; or(3) any changes are proposed
MCOB 4.4A.1RRP
1Using the methods and at the times specified in this section, a firm must provide the customer with the following information:(1) whether there are any limitations in the range of products that it will offer to the customer, and if so what those are;2(2) the basis on which the firm will be remunerated; and2(3) the availability of alternative finance options.2
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.14GRP
Principle 7 and MCOB 3A.2.1R2 also mean that, if initial disclosure has been given but any of the information in it (for example the basis on which the firm will be remunerated) subsequently changes, the firm should bring this clearly to the customer's attention.2
MCOB 4.4A.15RRP
The information requirements in MCOB 4.4A.1 R, MCOB 4.4A.2 R, MCOB 4.4A.4R (1) and MCOB 4.4A.8 R do not apply where:(1) the information has already been provided by the firm and the firm has good reason to believe that it is still accurate and appropriate for the customer; or(2) the information has already been provided by the firm which first made contact with the customer in respect of the particular regulated mortgage contract, and the firm subsequently making contact with
MCOB 4.4A.18RRP
Where a firm provides services to a consumer by way of a distance contract, the firm must provide the consumer with the following information in a durable medium in good time before the distance contract has been agreed:(1) the information which is required by MCOB 4.4A.1 R to MCOB 4.4A.8A R;22(2) whether or not the firm will be providing the consumer with advice;(3) the name and the main business of the firm, the geographical address at which it is established and any other geographical
MCOB 4.7A.6RRP
When a firm assesses whether the regulated mortgage contract is appropriate to the needs and circumstances of the customer for the purposes of MCOB 4.7A.5R (1), the factors it must consider include the following, insofar as relevant:(1) whether the customer's requirements appear to be within the mortgage lender's known eligibility criteria for the regulated mortgage contract;(2) whether it is appropriate for the customer to have an interest-only mortgage, a repayment mortgage,
MCOB 4.7A.14ARRP
2When a firm assesses whether a shared equity credit agreement is appropriate to the needs and circumstances of the customer for the purposes of MCOB 4.7A.5R (1) it must consider, in addition to the factors listed in MCOB 4.7A.6 R, whether it is appropriate for the customer to: (1) take out the shared equity credit agreement for a particular term, taking into account the customer's intentions about the repayment of that shared equity credit agreement and the term of the customer's
MCOB 4.7A.20GRP
Different considerations apply when giving advice to a customer with a payment shortfall. For example, the circumstances of the customer may mean that, viewed as a new transaction, a customer should not be advised to enter into a regulated mortgage contract. In those cases, a firm may still be able to give advice to that customer where the regulated mortgage contract concerned is, in the circumstances, a more suitable one than the customer's existing regulated mortgage contra
MCOB 4.7A.25RRP
(1) A firm must make and retain a record:(a) of the customer information, including that relating to the customer's needs and circumstances, that it has obtained for the purposes of MCOB 4.7A;(b) that explains why the firm has concluded that any advice given to a customer complies with MCOB 4.7A.2 R and satisfies the suitability requirement in MCOB 4.7A.5R (1); and(c) of the customer's positive choice in MCOB 4.6A.2 R (Rolling up of fees or charges into loan) where applicable(2)