Related provisions for MCOB 1.2.3A

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

In relation to a regulated mortgage contract for a business purpose(1) MCOB applies if the customer is not a large business customer; and(2) if MCOB applies, a firm must either:(a) comply with MCOB in full (disregarding the tailored provisions for regulated mortgage contracts for a business purpose in the remainder of MCOB); or(b) comply with MCOB in full, but taking account of all7 those tailored provisions, including MCOB 1.2.7 R.7
8In relation to an MCD regulated mortgage contract with a high net worth mortgage customer, to comply in full with MCOB, a firm does not need to comply with those provisions in MCOB that are expressed not to apply to MCD regulated mortgage contracts.
The disclosure rules in MCOB place particular emphasis on the description of borrowing. Where the regulated mortgage contract is for a business purpose or with a high net worth mortgage customer7 who is not a consumer under an MCD regulated mortgage contract8, a firm should reflect this emphasis in any disclosure by first describing any borrowing before addressing the other facilities provided under the regulated mortgage contract.
10Where the regulated mortgage contract is a legacy CCA mortgage contract, the firm should not treat the customer as a high net worth mortgage customer for the purposes of MCOB unless it is aware from evidence in its possession that the customer satisfied the definition of high net worth mortgage customer at the time the contract was entered into.