Related provisions for MCOB 6.4.11A
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3The following is a non-exhaustive list of rules and guidance in the Handbook that are relevant to a firm's management of operational risk: (1) COBS contains rules and guidance that can relate to the management of operational risk; for example, COBS 2 (Conduct of business obligations), COBS 4 (Communicating with clients, including financial promotions), COBS 6 (Information about the firm, its services and remuneration), COBS 7 (Insurance distribution2), COBS 9 (Suitability (including
(1) This chapter amplifies Principle 6 and Principle 7. 2(1A) 2This chapter requires information to be supplied to customers at the start of a2regulated mortgage contract to enable them to check that the regulated mortgage contract has been set up in accordance with their requirements and to notify them of the first and subsequent payments.2(2) Where a firm provides services to a customer in relation to a further advance, rate switch, or addition or removal of a party to a regulated
If a firm provides a customer with an offer document in place of an illustration in accordance with MCOB 5.5.1 R (3), it must take reasonable steps to ensure that it provides the offer document in accordance with the requirements for providing an illustration in MCOB 5.4 (Illustrations: general) and MCOB 5.5 (Provision of illustrations).
12(1) The financial promotion rules in COBS apply to an ICVC, except that COBS 4.13 (UCITS) applies only to an ICVC that is a UCITS scheme.2(2) COBS 14.2 (Providing product information to clients) applies to an ICVC that is a UCITS scheme.2(3) 4COBS 2.2B (SRD requirements) applies to an ICVC that is a UCITS scheme without a separate management company.
Where the authorised fund manager of a feeder UCITS gives notice to the FCA under section 251 or section 261Q1 of the Act or regulation 21 of the OEIC Regulations that it intends to wind up the scheme, it must inform:(1) the unitholders of the feeder UCITS; and(2) where notice is given under COLL 11.6.5R (4) (Application for approval by a feeder UCITS where a master UCITS merges or divides), the authorised fund manager of the master UCITS;of its intention without undue delay.[Note:
Types of activity – are they regulated activities and, if so, why?Type of activityIs it a regulated activity?RationaleMARKETING AND EFFECTING INTRODUCTIONSPassive display of information -for example, medical insurance brochures in doctor’s surgery (whether or not remuneration is received for this activity)No.Merely displaying information does not constitute making arrangements under article 25(2) (see PERG 5.6.4 G).Providing a2 customer with contact details or information about
(1) Where a financial promotion includes any of the amounts referred to in (5) to (7) of CONC 3.6.10 R the promotion must: (a) include all the other items of information (other than any item inapplicable to the particular case) listed in CONC 3.6.10 R; and(b) specify a postal address at which the person making the promotion may be contacted, except in the case of a financial promotion:(i) communicated by means of television or radio broadcast;(ii) in any form on the premises of
Whether or not a reference to speed or ease in CONC 3.6.6R (1)(e) constitutes an incentive to apply for credit or enter into an agreement under which credit is provided would depend upon the circumstances, including whether it is likely to persuade or influence a customer to take those steps or is merely a factual statement about the product or service.
(1) 8 For any regulated mortgage contract which is not an MCD regulated mortgage contract, a firm may elect to comply with any part of MCOB as if the contract was an MCD regulated mortgage contract. (2) Where the contract in (1) is an MCD exempt lifetime mortgage that is not a retirement interest-only mortgage12, the firm must continue to provide an illustration in accordance with the relevant requirements in MCOB, rather than an ESIS.
8The purpose of MCOB 1.2.16 R is to allow a firm to apply provisions of MCOB which implement the MCD for an MCD regulated mortgage contract to regulated mortgage contracts that are not MCD regulated mortgage contracts, save in respect of MCD exempt lifetime mortgages (other than retirement interest-only mortgages)12 where the firm must continue to provide an illustration in accordance with the relevant requirements in MCOB, rather than an ESIS.
Firms should present clear, jargon-free information in explaining credit agreements in a way that makes it as easy as possible for the customer to understand. Firms should consider ways to present information in alternative, more 'user-friendly' formats where it appears appropriate to do so, subject to compliance with the relevant statutory requirements. [Note: paragraph 4.20 of MCG]
Where a firm understands, or reasonably suspects, a customer has or may have a mental capacity limitation it should consider allowing the customer: (1) sufficient time in the circumstances to weigh up the information and explanations the firm has given;(2) sufficient time in the circumstances to make an informed borrowing decision;(3) to defer a decision to borrow to a later date.[Note: paragraphs 4.26, 4.27 and 4.28 of MCG]
An EEA UCITS management company that manages a UCITS scheme must comply with the rules of the FCAHandbook which relate to the constitution and functioning of the UCITS scheme (the fund application rules), as follows:(1) the setting up and authorisation of the UCITS scheme (COLL 1 (Introduction), COLL 2 (Authorised fund applications), COLL 3 (Constitution), COLL 6.5 (Appointment and replacement of the authorised fund manager and the depositary), COLL 6.6 (Powers and duties of
(1) 2The PRIIPs Regulation requires the manufacturer of a PRIIP to draw up a key information document in accordance with the PRIIPs Regulation before that PRIIP is made available to retail investors (as defined in the PRIIPs Regulation).(2) The requirements of the PRIIPs Regulation are directly applicable.(3) As a result, when a recognised scheme under section 272 of the Act is made available to retail clients in the United Kingdom the operator must draw up a key information document
In MCOB 7.6.7 R (Further advances), MCOB 7.6.18 R (Rate switches) and MCOB 7.6.22 R (Addition or removal of a party to the contract), if a customer submits an informal application as his first contact with a firm, the illustration required to be provided to a customer in accordance with those rules must be provided and the transaction must not proceed until the customer has made a formal application confirming that it should proceed.
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
The guidance in relation to the recognition requirements in the sections of REC 2 listed in Column A of the table below applies to an RAP in relation to the equivalent RAP recognition requirements listed in Column C and (if shown) with the modifications in Column B. Table: Guidance on RAP recognition requirementsColumn AREC 2 guidance which applies to an RAPColumn BModification to REC 2 guidance for an RAPColumn CRelevant RAP recognition requirementREC 2.2.2 G to REC 2.2.7 G (Relevant
(1) Text of article 2.1(1) of the Insurance Distribution Directive1 “‘Insurance distribution’ means the activities of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected