Related provisions for MCOB 8.5A.14
81 - 100 of 104 items.
124In the Compulsory Jurisdiction, in relation to relevant new complaints under the Ombudsman Transitional Order and relevant transitional complaints under the Mortgages and General Insurance Complaints Transitional Order:(1) where the former scheme in question is the Insurance Ombudsman Scheme, a complainant is not to be treated as an eligible complainant unless:(a) he is an individual; and(b) the relevant new complaint does not concern aspects of a policy relating to a business
21Firms should make it clear that they will bear the costs of conversion if the rearrangement is made with the existing lender and to the equivalent repayment mortgage. If a complainant is not willing to rearrange with the existing lender, then the costs to be paid by the firm should normally be limited to those which would have been payable had the rearrangement been made with the existing lender and to the equivalent repayment mortgage. If it is not possible to rearrange with
This section2 applies:935510(1) in relation to sales data reports, to a firm:1010(a) which is a home finance provider; or(b) which has permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or(c) which is, in respect of sales to a retail client or a consumer:(i) an insurer; or(ii) the manager of an authorised AIF or a UCITS scheme; or(iii) the operator of an investment trust savings scheme, or a
(1) A mortgage lender or administrator1must make and retain an adequate record of its dealings with a customer whose account has a payment shortfall or 4 a sale shortfall1, which will enable the firm to show its compliance with this chapter1. That record must include a recording of all telephone conversations between the firm and the customer which discuss any amount in arrears or any amount subject to payment shortfall charges4.314114(2) A mortgage lender or administrator1must
(1) A consideration of the customer's benefits position will need to focus on whether, by entering into the proposed regulated sale and rent back agreement, his entitlement to means-tested benefit will be adversely affected because of his receipt of the net proceeds of sale (if any) of the property. The customer's possible loss of entitlement to claim housing benefit should also be assessed. Where a firm has insufficient knowledge of means-tested and housing benefits to reach
(1) An MCD mortgage lender or MCD mortgage credit intermediary must provide, orally or in a durable medium, adequate explanations to the consumer of the proposed MCD regulated mortgage contract and any ancillary services, before any binding offer is issued to that consumer, to enable the consumer to assess whether the proposed MCD regulated mortgage contract and ancillary services meets their needs and financial situation.[Note: article 16(1) of the MCD](2) The explanations must,
Advising on regulated mortgage contracts has been specified in the Non-Exempt Activities Order. However, a professional firm is prevented from using the Part XX exemption to advise on regulated mortgage contracts only if the advice it gives consists of a recommendation. This will be the case if the recommendation is made to an individual to enter into a regulated mortgage contract with a lender who would, in entering into the contract, carry on the regulated activity of entering
Arranging a regulated mortgage contract (or contract variation) to which the arranger is to be a party is excluded from both article 25A(1) and (2) by article 28A of the Regulated Activities Order (Arranging contracts to which the arranger is a party). As a result, a person cannot both be entering into a regulated mortgage contract and arranging a regulated mortgage contract under article 25A as regards a particular regulated mortgage contract. This means that a direct sale by
Table: This table belongs to MCOB 13.1.1 R
(1) Category of firm |
(2) Applicable section |
mortgage lender, and a firm that was a mortgage lender before the sale of a repossessed property |
MCOB 13.1-MCOB 13.3, except for MCOB 13.3.9 R to MCOB 13.3.11 G1 1 |
mortgage administrator, and a firm that was a mortgage administrator before the sale of a repossessed property |
|
1home purchase provider, and a firm that was a home purchase provider before the sale of a repossessed property |
As for a mortgage lender |
1home purchase administrator, and a firm that was a home purchase administrator before the sale of a repossessed property |
As for a mortgage lender, plus: MCOB 13.6 and MCOB 13.8; and MCOB 13.4 and MCOB 13.5 in accordance with MCOB 13.8 |
4If the firm is: (1) an MCD article 3(1)(b) credit intermediary who is not also an MCD article 3(1)(b) creditor carrying out direct sales only5; or(2) a home finance intermediary that is:5(a) an MCD mortgage adviser; or(b) an MCD mortgage arranger,5who is not also an MCD mortgage lender carrying out direct sales only; then the minimum limit of indemnity is the amount set out in article 1 of the Commission Delegated Regulation (EU) No 1125/2014 which is reproduced in MIPRU 3.2.9B
3Firms should substitute equivalent home reversion terminology for lifetime mortgage terminology, where appropriate. Examples of terms and expressions that should be replaced in relation to home reversion plans are 'loan' or 'amount borrowed', which should be replaced with 'amount released' or 'amount to be released', as appropriate, and 'mortgage lender' and 'mortgage intermediary' which should be replaced with 'reversion provider' and 'reversion intermediary'.
The required additional information in MCOB 8.6A.4R (2) is:(1) for a lifetime mortgage other than one falling within MCOB 8.6A.5 R:(a) the name of the mortgage lender;(b) the rate of interest;(c) the interest rate type;(d) the price or value of the property on which the lifetime mortgage would be secured (estimated where necessary); and(e) the sum the customer wishes to borrow under it, either immediately or in the future (including the amount of any lump sum, any regular drawdown
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
(1) This chapter applies to a firm which is considering appointing, has decided to appoint or has appointed an appointed representative.1(1A) This chapter applies to a UK MiFID investment firm which is considering appointing, has decided to appoint or has appointed an EEA tied agent.2(1B) 4This chapter applies to a CBTL firm other than a CBTL lender which is considering appointing, has decided to appoint or has appointed an appointed representative in relation to CBTL business