Related provisions for DISP App 3.3.11

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An illustration provided to a customer must:(1) contain the material set out in MCOB 5 Annex 1 in the order and using the numbered section headings, sub-headings and prescribed text in MCOB 5 Annex 1, except where provided for in MCOB 5.6;(2) follow the layout of the template in MCOB 5 Annex 1 with:(a) prominent use of the Key facts3 logo followed by the text 'about this mortgage';33(b) each section clearly separated;(c) all the amounts to be paid in Sections 5, 6, 8 and 9 in
In relation to MCOB 5.6.6 R(3), for the firm to comply with the principle of 'fair, clear11 and not misleading' in MCOB 3A.2.1R(1)11, an estimated valuation, where the estimated valuation is not that provided by the customer, must be a reasonable assessment based on all the facts available at the time. For example, an overstated valuation could enable a more attractive regulated mortgage contract to be illustrated on the basis of a lower ratio of the loan amount to the property
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)
(1) In order to comply with MCOB 4.4A.9R(1) and (1A), the required information must be provided in a durable medium for all sales8. (1A) In order to comply with MCOB 4.4A.9R(2):8(a) for an internet sale, a firm should display the required information on a screen which the customer must access as part of the sales process. It would not be sufficient for the information to be accessible only by giving the customer the option to click on a link or download a document. The messages
1If, notwithstanding MCOB 5.5.1AR (1), a firm chooses to give an illustration in relation to a direct deal, it remains subject to MCOB 3A.2.1R(2) (fair, clear and not misleading communications)3.3
(1) 4This rule applies when a firm proposes to a consumer the renewal of a general insurance contract, which is not a group policy, and which has a duration of 10 months or more.(2) In this rule, ‘renewal’ means carrying forward a policy, at the point of expiry and as a successive or separate operation of the same nature and duration as the policy, with the same insurance intermediary or the same insurer.(3) The firm must provide to the consumer the following information in good
(1) A firm must ensure that a communication or a financial promotion is clear, fair, and not misleading. [Note: paragraphs 2.2 of ILG, 3.16 of DMG and 3.1 of CBG](1A) A firm must ensure that each communication and each financial promotion:3(a) is clearly identifiable as such;3(b) is accurate;3(c) is balanced and, in particular, does not emphasise any potential benefits of a product or service without also giving a fair and prominent indication of any relevant risks;3(d) is sufficient
(1) Whenever a firm provides a consumer with information specific to the amount that the consumer wants to borrow on a particular MCD regulated mortgage contract, following an assessment of the consumer's needs and circumstances to comply with MCOB 4.7A.2 R, it must give, clearly and prominently, the following information:(a) the same information on the firm's product range as is required by MCOB 4.4A.1 R, MCOB 4.4A.2 R and MCOB 4.4A.4R (1) (which require firms to provide information
(1) Whenever, as part of an execution-only sale (or potential execution-only sale), a consumer provides a firm with the information in MCOB 4.8A.14R (1), MCOB 4.8A.14R (2) or (3), the firm must inform the consumer, clearly and prominently, that the consumer has the right to request an ESIS for any MCD regulated mortgage contract which the firm is able to offer the consumer.(2) A firm need not give the information in (1) if it has previously given that information in compliance
A firm should ensure that a financial promotion:(1) for a product or service that places a client's capital at risk makes this clear;(2) that quotes a yield figure gives a balanced impression of both the short and long term prospects for the investment;(3) that promotes an investment or service whose charging structure is complex, or in relation to which the firm will receive more than one element of remuneration, includes the information necessary to ensure that it is fair, clear
(1) The information displayed on the price comparison website (for example, information concerning a loan, the results of a search or claims about the market coverage of the website) will need to comply with the financial promotion rules in CONC 3. In particular, it will need to comply with the requirement for a communication or a financial promotion to be clear, fair and not misleading. The results of a search also need to comply with the detailed rules in CONC 3.5. In particular,
(1) 1When a firm communicates information to a customer, it must take reasonable steps to do so in a way that is fair, clear and not misleading.(2) A firm must be able to show that it has taken reasonable steps to ensure that any illustration or ESIS is fair, clear and not misleading.
1When a firm provides a customer with information in accordance with ICOBS 6.3.3 R, it must provide it in a clear and accurate manner, in writing, in an official language of the State of the commitment, or in another language if the policyholder so requests and the law of the State of the commitment so permits or the policyholder is free to choose the law applicable.[Note: article 185(3), (5) and (6) of the Solvency II Directive]
CONC 4.2.20GRP
For telephone or face-to-face transactions, interaction between the customer and the firm's representative is also important. It should be made clear to the customer that the customer can ask questions or request further information or explanation and, for example, the representative solely providing the customer with a written explanation of an agreement, or relying solely on a written script in relation to an agreement, is unlikely to comply with the requirement in CONC 4.2.5
MCOB 3A.2.1 (Fair, clear1 and not misleading communication) applies to information provided to a customer by a firm in accordance with this chapter.1
LR 8.3.1ARRP
3A sponsor must, for so long as it provides a sponsor service:(1) take such reasonable steps as are sufficient to ensure that any communication or information it provides to the FCA in carrying out the sponsor service is, to the best of its knowledge and belief, accurate and complete in all material respects; and(2) as soon as possible provide to the FCA any information of which it becomes aware that materially affects the accuracy or completeness of information it has previously
(1) MCOB 5.7.2 R(1) means that firms do not have to follow the ordering of sections set down in MCOB 5.6, although they may choose to do so.(2) In accordance with MCOB 5.7.2 R(8) an example of an appropriate variation to the risk warning would be:'Your home may be repossessed if you are unable to fulfil the terms of this secured overdraft'.(3) A firm may also choose to include other information beyond that required by MCOB 5.6. However, when adding additional material a firm should
(1) The ESIS can contain the MCD mortgage lender's or MCD mortgage credit intermediary's logo and other 'brand' information, so long as the requirements of MCOB 5A.5 are satisfied.(2) The ESIS can contain page numbers and other references that aid understanding, record keeping and identification of a particular ESIS, such as the date and time it is produced or a unique reference number, provided these do not detract from the content of the ESIS. (3) Firms are reminded of their