Related provisions for MCOB 4.1.3

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MCOB 2.3.2RRP
A firm must take reasonable steps to ensure that it, and any person acting on its behalf, does not: (1) offer, give, solicit or accept an inducement; or (2) direct or refer any actual or potential business in relation to a regulated mortgage contractto another person on its own initiative or on the instructions of an associate; if it is likely to conflict to a material extent with any duty that the firm owes to its customers in connection with a regulated mortgage contract or
MCOB 2.3.5GRP
MCOB 2.3.2 R does not prevent a firm: (1) assisting a mortgage intermediary so that the quality of the mortgage intermediary's service to customers is enhanced; or (2) giving or receiving indirect benefits (such as gifts, hospitality and promotional competition prizes); providing in either case this is not likely to give rise to a conflict with the duties that the recipient owes to the customer. In particular, such benefits should not be of a kind or value that is likely to impair
MCOB 2.3.7RRP
(1) A mortgage lender must quantify, in cash terms, any material inducement it offers to a mortgage intermediary or a third party. (2) In quantifying the value of the material inducement, the firm must include any subsequent payments (such as a trail fee) made where the customer continues with the sameregulated mortgage contract.
MCOB 2.3.8GRP
(1) Quantification of any material inducement offered by the mortgage lender supports the disclosure requirements elsewhere in MCOB. Further guidance on the disclosure of any inducement in cash terms is provided in MCOB 5.6.118 G.(2) A payment made to a third party unconnected with themortgage intermediary, where that payment only reflects the cost of outsourcing work relating to the processing of mortgage applications, would not be considered an inducement in the context of
MCOB 1.2.1RRP
1(1) MCOB applies to every firm that:11(a) carries on regulated mortgage activities (subject to MCOB 1.2.3 R (1)1); or(b) communicates or approves a qualifying credit promotion.(2) Where a firm has outsourced activities to a third party processor, any rule in MCOB which requires the third party processor, when acting as such, to disclose its identity to a customer must be read as requiring disclosure of the identity of the firm (or appointed representative, as appropriate) which
MCOB 1.2.2GRP
The application of most of MCOB is expressed by reference to four types of firm: mortgage lenders, mortgage administrators, mortgage arrangers and mortgage advisers. This includes those firms that provide business loans to customers under a regulated mortgage contracts (see MCOB 1.2.3 R to MCOB 1.2.9 G). A single firm may fall into more than one of these types. Guidance on these firm types, the regulated mortgage activities which they carry on, a description of what those activities
MCOB 1.2.12RRP
In MCOB the activities of a mortgage lender which would be arranging but for article 28A of the Regulated Activities Order (Arranging contracts to which the arranger is a party), are to be treated as arranging and therefore also as regulated mortgage activities.
MCOB 1.2.13GRP
The effect of article 28A of the Regulated Activities Order would normally mean that arrangements made by a party to a regulated mortgage contract would not fall within the regulated mortgage activity of arranging. So in a direct sale, a mortgage lender would not be carrying on the regulated activity of arranging but, where the transaction proceeds to completion, would instead be involved in the regulated activity of entering into a regulated mortgage contract. However, the provisions
MCOB 6.1.3RRP
This chapter applies with respect to an offer made by a firm to a customer with a view to the firm:(1) entering into a regulated mortgage contract; or(2) varying the terms of a regulated mortgage contract entered into by the customer in any of the following ways:(a) adding or removing a party;(b) making a further advance; or(c) switching all or part of the regulated mortgage contract from one interest rate to another;1(whether or not the customer agrees to enter into the regulated
MCOB 6.1.5RRP
In MCOB 6, a reference to an offer to enter into a regulated mortgage contract is to be read as including a reference to an offer to vary an existing regulated mortgage contract in a manner specified in if the context so requires.
MCOB 5.3.1RRP
A mortgage lender must not enter into a regulated mortgage contract, or agree to do so, with a customer unless the customer has submitted an application for that particular regulated mortgage contract.
MCOB 5.3.2GRP
The purpose of MCOB 5.3.1 R, taken in conjunction with other rules in this chapter, is to ensure that the customer has received details of the particular regulated mortgage contract for which he has applied, in the form of an illustration, and has had the opportunity to satisfy himself that it is appropriate for him. The application should identify the type of interest rate, rate of interest, and the mortgage lender at the point it is submitted by the customer (for how to describe
MCOB 5.1.3RRP
(1) This chapter applies if a firm:(a) makes a personal recommendation to a customer to enter into a regulated mortgage contract; or(b) provides information to a customer that is specific to the amount that the customer wants to borrow on a particular regulated mortgage contract, including information provided in response to a request from a customer; or(c) provides the means for a customer to make an application to it;in connection with entering into, or agreeing to enter into,
MCOB 5.1.6RRP
In this chapter, references to a regulated mortgage contract include, where the context requires, references to arrangements which are capable of becoming a regulated mortgage contract.
MCOB 5.1.7GRP
(1) MCOB 5.1.3 R means that this chapter applies where the customer can apply to enter into a regulated mortgage contract. This includes circumstances where, for example, the means to apply is provided in person, by telephone, through a website or through an application pack sent through the post.(2) The effect of this chapter is to require a customer to be provided with an illustration before he submits an application to a mortgage lender.
MCOB 9.3.1RRP
(1) MCOB 5.1 to MCOB 5.5 (with the modifications stated in MCOB 9.3.2 R to MCOB 9.3.12 R) apply to a firm where the regulated mortgage contract is a regulated lifetime mortgage contract. (2) The table in MCOB 9.3.2 R shows how the relevant rules and guidance in MCOB 5 must be modified by replacing the cross-references with the relevant cross-references to rules and guidance in MCOB 9.3 and MCOB 9.4.(3) The table in MCOB 9.3.3 R replaces certain rules and guidance in MCOB 5 with
MCOB 9.3.2RRP

Table of modified cross-references to other rules.

This table belongs to MCOB 9.3.1 R.

Subject

Rule or guidance

Reference in rule or guidance

To be read as a reference to:

Variations

MCOB 5.1.3R(2)

MCOB 7

MCOB 7 as modified by MCOB 9

Part of loan not a regulated lifetime mortgage contract

MCOB 5.1.9G

MCOB 5.6.6R(2)

MCOB 9.4.6R(2)

Waiver of provisions

MCOB 5.1.10G

MCOB 5.6

MCOB 9.4.

Purpose

MCOB 5.2.1G

MCOB 5

MCOB 5 as modified by MCOB 9

Applying for a regulated lifetime mortgage contract

MCOB 5.3.2G

MCOB 5.6.26R and MCOB 5.6.27R

MCOB 9.4.26R and MCOB 9.4.27R

Tied products

MCOB 5.4.24G

MCOB 5.6.74R

MCOB 9.4.73R

Issue of offer document in place of illustration

MCOB 5.5.3G

MCOB 6.4 and MCOB 6.6

MCOB 6.4 and MCOB 6.6 as modified by MCOB 9

Customer's credit record

MCOB 5.5.16R

MCOB 5.5.15R(4)

MCOB 9.3.12R(3)

MCOB 7.1.3RRP
This chapter applies if a firm:(1) enters into a regulated mortgage contract with a customer; or(2) administers a regulated mortgage contract which was entered into with a customer; or(3) arranges or advises on or makes a further advance or other variation to the terms of a regulated mortgage contract entered into with a customer.
MCOB 7.1.4RRP
This chapter applies in relation to further advances and other variations (as specified in MCOB 7.6.7 R - MCOB 7.7.4 R) regardless of whether they are variations to an existing regulated mortgage contract or are such that they involve the customer entering into a new regulated mortgage contract.
MCOB 8.3.1RRP
(1) MCOB 4.1 to MCOB 4.6 and MCOB 4.8 (with the modifications stated in MCOB 8.3.3 R and MCOB 8.3.4 R) apply to a firm where the regulated mortgage contract is a regulated lifetime mortgage contract.(2) The table in MCOB 8.3.3 R shows how the relevant rules and guidance in MCOB 4 must be modified by replacing the cross-references in that chapter with the relevant cross-references to rules and guidance in MCOB 8.(3) The table in MCOB 8.3.4 R replaces certain rules and guidance
MCOB 8.1.3RRP
This chapter applies if a firm:(1) in the course of carrying on a regulated mortgage activity:(a) makes, or anticipates making, a personal recommendation about; or(b) gives, or anticipates giving, personalised information relating to;the customer:(c) entering into a regulated lifetime mortgage contract; or(d) varying the terms of a regulated lifetime mortgage contract entered into by the customer; or(2) in addition to (1), gives advice or personalised information to the customer
MCOB 2.7.2GRP
For any electronic communication with a customer in relation to a regulated mortgage contract, a firm should: (1) have in place appropriate arrangements, including contingency plans, to ensure the secure transmission and receipt of the communication; it should also be able to verify the authenticity and integrity of the communication together with the date and time sent and received; the arrangements should be proportionate and take into account the different levels of risk in
MCOB 2.7.6RRP
(1) 12A firm must not:(a) supply a service to a retail customer without a prior request on his part, when this activity includes a request for immediate or deferred payment; or (b) enforce any obligations against a retail customer in the event of unsolicited supplies of services, the absence of a reply not constituting consent. (2) Paragraph (1) applies in relation to advising on, arranging or entering into a regulated mortgage contract2 under an organised distance sales or service-provision
MCOB 5.2.1GRP
(1) MCOB 5 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its customers and to treat them fairly.(2) The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular regulated mortgage contract, he is supplied with information that makes clear:(a) the features of that regulated mortgage contract;(b) the price that the customer will be required to pay under that regulated mortgage contract,
MCOB 2.1.3RRP
This chapter applies in relation to:(1) regulated mortgage activities;(2) those activities in MCOB 12 and MCOB 13 that are carried on after a regulated mortgage contract has come to an end following the sale of a repossessed property; and(3) the communication or approval of a qualifying credit promotion.
MCOB 6.2.1GRP
(1) MCOB 6 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. The purpose of MCOB 6 is to ensure that a customer receives a clear offer document to enable him to check the features and price of theregulated mortgage contract before he enters into it. The offer document should include an updated and suitably adapted illustration
MCOB 7.2.1GRP
(1) This chapter amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its customers and to treat them fairly. (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 mortgage contract, this chapter also requires that the customer is provided with an illustration to make clear the price and features associated with that variation.1(3) This
MCOB 2.5.1GRP
Principle 2 requires a firm to conduct its business with due skill, care and diligence. MCOB 2.5 indicates the extent to which firms that carry on regulated mortgage activities and that communicate or approve a qualifying credit promotion can meet this requirement by relying on others.
MCOB 4.2.1GRP
(1) This chapter amplifies Principle 6 (Customers' interests), Principle 7 (Communications with clients) and Principle 9 (Customers: relationships of trust). Principle 6 requires a firm to pay due regard to the interests of its customers and treat them fairly. Principle 7 requires a firm to pay due regard to the information needs of its clients and communicate information to them in a way which is clear, fair and not misleading. Principle 9 requires a firm to take reasonable
MCOB 9.1.4RRP

This table belongs to MCOB 9.1.3 R

Section of MCOB 9

Applies in relation to a regulated lifetime mortgage contract as set out in the following MCOB rules:

MCOB 9.1, MCOB 9.2

all of the rules below

MCOB 9.3, MCOB 9.4

MCOB 5.1.3 R

MCOB 9.5

MCOB 6.1.3 R

MCOB 9.5

MCOB 7.1.3 R

SUP 12.2.7GRP
(1) The Appointed Representatives Regulations are made by the Treasury under section 39(1) of the Act. These regulations describe, among other things, the business for which an appointed representative may be exempt, which is business which comprises any of:(a) dealing in investments as agent (article 21 of the Regulated Activities Order) where the transaction relates to a pure protection contract (but only where the contract is not a long-term care insurance contract) or general
SUP 12.2.8GRP
(1) An introducer appointed representative is an appointed representative appointed by a firm whose scope of appointment must, under SUP 12.5.7 R, be limited to:(a) effecting introductions to the firm or other members of the firm's group; and5(b) distributing non-real time financial promotions which relate to products or services available from or through the firm or other members of the firm's group.5(2) The permitted scope of appointment of an introducer appointed representative
SUP 12.5.6ARRP
(1) 4A firm must ensure that, if appointing an appointed representative (other than an introducer appointed representative), to carry on any of the following regulated activities, its written contract prohibits the appointed representative from carrying on any of the specified activities as an appointed representative for another firm:4(a) any designated investment business for private customers: the prohibition must cover all designated investment business for private customers;4(b)
SUP 12.5.6BGRP
4(1) The effect of SUP 12.5.6A R (1)(a) is that, in relation to designated investment business with private customers, appointed representatives are restricted to one principal.4(2) The effect of SUP 12.5.6A R (1)(b) and SUP 12.5.6A R (1)(c) is that, in relation to regulated mortgage activities with customer, appointed representatives are restricted to having two principals: one for regulated mortgage contracts and one for lifetime mortgages4