Related provisions for MCOB 10A.3.2

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MCOB 7A.3.1RRP
(1) If a consumer notifies a firm that they wish to discharge their obligations under an MCD regulated mortgage contract prior to its expiry, the firm must provide the consumer, without delay, with the information necessary to allow them to consider that option.(2) The information under (1) must:(a) quantify the implications for the consumer of discharging their obligations prior to the expiry of the MCD regulated mortgage contract; and (b) clearly set out any assumptions that
TC 3.1.1RRP
1A firm must make appropriate records to demonstrate compliance with the rules in this sourcebook and keep them for the following periods after an employee stops carrying on the activity:(1) at least 5 years for MiFID business;(2) 3 years for non-MiFID business; and(3) indefinitely for a pension transfer specialist.[Note: article 9(4) of the MCD]2
MCOB 12.6.1GRP
Firms are reminded that, in relation to a regulated mortgage contract which is solely 2for a business purpose or is with a high net worth mortgage customer2, who is not a consumer under an MCD regulated mortgage contract,3 in circumstances where MCOB 7.7.1 R applies, if there is a new early repayment charge or a change to the existing early repayment charge, MCOB 7.7.1 R(2) requires a firm to notify the customer within five business days of the maximum amount payable as an early
MCOB 7A.5.1RRP
In relation to an MCD regulated mortgage contract, where there is an auction on the capital markets which will, or might reasonably be expected to, result in an interest-rate change, the firm must give the consumer, in good time before the auction, notice in a durable medium of:(1) the upcoming procedure for the auction; and(2) an indication of how the interest rates could be affected.[Note: article 27(4) of the MCD]
MCOB 6A.5.1RRP
If a firm makes an offer to a consumer with a view to entering into or varying an MCD regulated mortgage contract which is a distance contract, it must provide the consumer with the following information with the offer document:(1) [deleted]1(2) any contractual clause on law applicable to the MCD regulated mortgage contract or a competent court, or both;(3) the language in which the contract is supplied and in which the firm will communicate during the course of the MCD regulated
MCOB 2.5A.1RRP
1A firm must act honestly, fairly and professionally in accordance with the best interests of its customer.[Note: article 7(1) of the MCD]2
TC App 2.1.1RRP

1UK domestic firm

[deleted]6

Overseas firm6

MiFID business and equivalent third country business

TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom6

44

6

TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

Insurance distribution activities5

TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom6

6

TC does not apply

Mortgage activities and reversion activities numbers 20, 20A, 21, 21A, 21B, 22 and 23 in TC App 1.1.1R; and

MCD credit agreement activities numbers 23A to 23E in TC App 1.1.1R3

TC applies if the customer is resident in the United Kingdom at the time the activity3 is carried on6

6

3

Same as for UK domestic firm

Any other activity in Appendix 1

TC applies in respect of employees who carry on these activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

and

TC also applies in respect of employees who carry on activities with or for a client in the United Kingdom

36

2

TC applies in respect of its employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

MCOB 2A.5.1RRP
Where the borrowing rate under an MCD regulated mortgage contract is variable, the MCD mortgage lender must:(1) ensure that any index or reference rate used to calculate that rate is clear, accessible, objective and verifiable by the parties to the MCD regulated mortgage contract and the FCA; and(2) keep a record of the index or reference rate used to calculate that rate for as long as the MCD regulated mortgage contract remains outstanding.[Note: article 24 of the MCD]
SUP 12.7.1RRP
(1) 6This rule applies to a firm which intends to appoint:6636(a) an appointed representative to carry on insurance distribution activities15; or1346611(b) a tied agent; or1166(c) an appointed representative to carry on MCD credit intermediation activity.11; or13(d) a MiFID optional exemption appointed representative; or13(e) a structured deposit appointed representative.134(2) This rule also applies to a firm which has appointed an appointed representative.63(3) A firm in (1)
SUP 12.7.7RRP
(1) If:434(a) (i) the scope of appointment of an appointed representative is extended to cover insurance distribution activities15 for the first time; and42(ii) the appointed representative is not included on the Financial Services Register as carrying on insurance distribution activities15 in another capacity; or42(b) the scope of appointment of an appointed representative ceases to include insurance distribution activity15;42the appointed representative's principal must give
SUP 12.6.1BRRP
11A firm that is a principal of an appointed representative that carries on MCD credit intermediation activity must monitor the activities of that appointed representative to ensure compliance with obligations derived from17 the MCD (including those in MCOB and TC).[Note: article 31(3) of the MCD]
SUP 12.6.1CGRP
11SUP 12.6.1B R requires a firm to which that rule applies to monitor the knowledge and competence of the appointed representative that carries on MCD credit intermediation activity and its staff.
CONC App 1.4.1RRP
(1) For the purposes of articles 60H(1)(c) and 60Q(b) of the Regulated Activities Order and of CONC 1.2.10R(2), a declaration made by the borrower or hirer which provides that the borrower or hirer agrees to forgo the protection and remedies that would be available to the borrower or hirer if the agreement were a regulated credit agreement or a regulated consumer hire agreement must comply with CONC App 1.4.2R and either CONC App 1.4.6R or, in the case of an MCD article 3(1)(b)
2Declaration by high net worth borrower under an MCD article 3(1)(b) credit agreementThe declaration for the purposes of article 60H(1)(c) of the Regulated Activities Order and of CONC 1.2.10R(2) must have the following form and content- “Declaration by high net worth borrower under an MCD article 3(1)(b) credit agreement (article 60H(1)(c) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)I confirm that I have received a copy of the statement of
PERG 4.4A.1BGRP
2When the Regulated Activities Order was amended to implement the MCD, the limitations mentioned in PERG 4.4A.1AG were removed: the legislative intention was to provide a single regulatory regime for mortgage contracts under MCOB from 21 March 2016, subject to a six month transitional period for first charge mortgages entered into before 31 October 2004. Mortgage contracts that were regulated mortgage contracts before that date did not cease to be regulated mortgage contracts.
PERG 2.5.3GRP
The application of certain of the exclusions considered in PERG 2.8 (Exclusions applicable to certain regulated activities) and PERG 2.9 (Regulated activities: exclusions applicable to certain circumstances) is modified in relation to persons who are subject to the UK provisions which implemented10MiFID2, the IDD8 and the MCD.6 The reasons for this and the consequences of it are explained in PERG 2.5.4 G for MiFID, PERG 5 (Guidance on insurance distribution activities) for the
MCOB 3A.5.1RRP
(1) 1When communicating or approving a financial promotion concerning an MCD regulated mortgage contract which indicates an interest rate or any figures relating to the cost of the credit to the consumer, a firm must ensure that the financial promotion includes standard information which specifies in a clear, concise and prominent way:(a) the identity of the MCD creditor or, where applicable, the MCD mortgage credit intermediary2 or appointed representative;(b) where applicable,
EG 8.6.3RP
[deleted]53
APER 2.1A.2RRP
1An approved person will not be subject to a Statement of Principle to the extent that this would be contrary to the requirements of an EU measure passed or made before IP completion day5, to the extent that those requirements continue to have effect after IP completion day5 under the EUWA.632
ICOBS 1.1.4GRP
Guidance on the application provisions is in ICOBS 1 Annex 1 (Part 4).
PERG 4.2.3GRP
A person who is concerned to know whether his proposed activities may require authorisation will need to consider the following questions (these questions are a summary of the issues to be considered and have been reproduced, in slightly fuller form, in the flowchart in PERG 4.18):(1) will I be carrying on my activities by way of business (see PERG 4.3.3 G (The business test))?(2) if so, will my activities relate to regulated mortgage contracts (see PERG 4.4 (What is a regulated
SYSC 4.6.20RRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 25.6.5R]3