Related provisions for MCOB 1.2.4

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MCOB 1.2.1RRP
1(1) This sourcebook3 applies to every firm that:113(a) carries on a home finance activity3 (subject to 31the business loan and loans to high net worth mortgage customers7 application provisions3); or3(b) communicates or approves a financial promotion of qualifying credit, of a home purchase plan,6of a home reversion plan3or of a regulated sale and rent back agreement.636(2) Where a firm has outsourced activities to a third party processor, any rule in MCOB which requires the
MCOB 1.2.7RRP
In relation to a regulated mortgage contract for a business purpose or with a high net worth mortgage customer7, if a firm has opted for the tailored route, it must adopt the following modifications to the sourcebook:333(1) 11substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;733337(2) substitute the term 'illustration' for ‘Key facts illustration’ when opting to use the
MCOB 5.7.1AGRP
Firms are reminded that, in accordance with MCOB 1.2.3 R, they should comply in full with MCOB, but in doing so may opt to take account of all tailored provisions in MCOB that relate to business loans or loans to high net worth mortgage customers. Therefore, a firm may only follow the tailored provisions in MCOB 5.7 in relation to one of these sectors if it also follows all other tailored provisions in MCOB that relate to that sector. In either case, the rest of MCOB applies in
MCOB 6.7.1RRP
(1) Where the regulated mortgage contract is for a business purpose or a high net worth mortgage customer2, a firm may choose to provide a customer with a business offer document or high net worth offer document (as applicable)2 instead of the offer document referred to in MCOB 6.4.1 R.(2) If a firm provides a customer with a business offer document or high net worth offer document2in accordance with (1), it must ensure that:(a) an updated business illustration or high net worth
MCOB 6.7.1AGRP
1 Firms are reminded that in accordance with MCOB 1.2.3 R, they should comply in full with MCOB, but in doing so may opt to take account of2 all tailored provisions in MCOB that relate to business loans or loans to high net worth mortgage customers (as applicable)2. Therefore, a firm may only follow the tailored provisions in MCOB 6.72 in relation to one of these sectors2 if it also follows all other tailored provisions in MCOB that relate to that sector. In either case, the rest
MCOB 7.7.1AGRP
2Firms are reminded that in accordance with MCOB 1.2.3 R, they should comply in full with MCOB, but in doing so may opt to take account of3 all tailored provisions in MCOB that relate to business loans or loans to high net worth mortgage customers3. Therefore, a firm may only follow the tailored provisions in MCOB 7.73 in relation to one of these sectors3 if it also follows all other tailored provisions in MCOB that relate to that sector. In either case, the rest of MCOB applies
MCOB 13.7.2GRP
1 Firms are reminded that in accordance with MCOB 1.2.3R, they should comply in full with MCOB, but in doing so may opt to take account of4 all tailored provisions in MCOB that relate to loans solely for a business purpose or loans to high net worth mortgage customers4. Therefore, a firm may only follow the relevant 4tailored provisions in MCOB 13.7, if it also follows all other relevant 4tailored provisions in MCOB. In either case, the rest of MCOB applies in full.4444
MCOB 12.6.2GRP
1 Firms are also reminded that in accordance with MCOB 1.2.3 R, they should comply in full with MCOB, but in doing so may opt to take account of2 all tailored provisions in MCOB that relate to loans solely for a business purpose or loans to high net worth mortgage customers2. 222
MCOB 4.9.1AGRP
1Firms are reminded that in accordance with MCOB 1.2.3 R and MCOB 1.2.3A R, they should comply in full with MCOB, but in doing so may opt to take account of all tailored provisions in MCOB that relate to business loans or loans to high net worth mortgages customers, as the case may be3. Therefore, a firm may only follow the tailored provisions in MCOB 4.9 in relation to one of these sectors if it also follows all other tailored provisions in MCOB that relate to that sector. In
MCOB 7.6.7RRP
Before a customer submits an application to a firm for a further advance on an existing regulated mortgage contract or for a further advance that is a new regulated mortgage contract, if the further advance requires the approval of the mortgage lender, the firm must provide the customer with either8(1) an illustration that complies with the requirements of MCOB 5 (Pre-application disclosure) and MCOB 7.6.9R to MCOB 7.6.17R; or8(2) an ESIS that complies with MCOB 5A (MCD pre-application
MCOB 9.3.4RRP
Table of rules in MCOB 5 which do not apply to MCOB 9: This table belongs to MCOB 9.3.1R.SubjectRule(s)Business loans and loans to high net worth mortgage customers: tailored provisions4MCOB 5.7