Related provisions for MCOB 4.6.7

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MCOB 4.6.1GRP
A consumer2 has no right to cancel a home finance transaction1 concluded with a firm but may have a right to cancel a distance contract concluded with a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31for the provision of his services. Whether a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31 concludes a distance mortgage mediation contract,3 a distance home purchase mediation contract or a distance regulated sale and rent
MCOB 4.6.2GRP
The information provided in accordance with MCOB 4 Annex 3(5) should be sufficiently clear, prominent and informative to enable the consumer2 to understand the right to cancel.2
MCOB 4.6.3GRP
Where the notice of the right to cancel forms part of another document, or is one of a number of documents sent to the consumer2 at the same time, a firm should ensure that the presence of the notice of the right to cancel is drawn to the consumer's2 attention.22
MCOB 4.6.4RRP
(1) A consumer2 has a right to cancel a distance mortgage mediation contract,3 a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract31 in accordance with this section.23(2) The right to cancel must be exercised within 14 days beginning on the later of:(a) the day of the conclusion of the contract; or(b) the day on which the consumer2 receives the contractual terms and conditions and other information required by MCOB 4.4 and
MCOB 4.6.5RRP
A consumer2 who has a right to cancel a distance mortgage mediation contract, a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract31 may, without giving any reason, cancel the contract by serving notice on the firm, before the expiry of the cancellation period in MCOB 4.6.4 R either:23(1) by serving on, or otherwise sending by post, notice to the firm's last known address, addressed to the firm, its appointed representative
MCOB 4.6.6RRP
Where the notice of cancellation is in a durable medium and is served in accordance with MCOB 4.6.5 R, it must be treated as being served on the firm on the date it is despatched by the consumer2.2
MCOB 4.6.8RRP
By exercising a right to cancel under MCOB 4.6.4 R the consumer2 withdraws from the contract and the entire contract is terminated.2
MCOB 4.6.10RRP
When a consumer2 exercises a right to cancel under MCOB 4.6.4 R:2(1) the firm must:(a) pay to the consumer2 without delay, and no later than 30 days after the date on which the firm received notice of cancellation from him, any sums which he has paid to or for the benefit of the firm in connection with the contract (including sums paid by the consumer2 to agents of the firm) except for the amount referred to in (b);22(b) subject to (c), the firm is permitted to require the consumer2
ICOBS 7.2.1RRP
By exercising the right to cancel, the consumer withdraws from the contract and the contract is terminated.
ICOBS 7.2.2RRP
(1) When a consumer exercises the right to cancel he may only be required to pay, without any undue delay, for the service actually provided by the firm in accordance with the contract.(2) The amount payable must not:(a) exceed an amount which is in proportion to the extent of the service already provided in comparison with the full coverage of the contract; and(b) in any case be such that it could be construed as a penalty.(3) A firm must not require a consumer to pay any amount:(a)
ICOBS 7.2.6RRP
(1) A firm must, without any undue delay and no later than within 30 days, return to a consumer any sums it has received from him in accordance with the contract, except as specified in this section.(2) This period shall begin from the day on which the firm receives the notification of cancellation.[Note: article 7(4) of the Distance Marketing Directive]
ICOBS 7.2.7RRP
(1) A firm is entitled to receive from a consumer any sums and/or property he has received from the firm without any undue delay and no later than within 30 days.(2) This period shall begin from the day on which the consumer dispatches the notification of cancellation.[Note: article 7(5) of the Distance Marketing Directive]
ICOBS 7.2.10GRP
A consumer's notice to cancel a distance contract may also operate to cancel any attached contract which is also a distance financial services contract. This is unless the consumer gives notice that cancellation of the contract is not to operate to cancel the attached contract. (See the Distance Marketing Regulations.) Where relevant, this should be disclosed to the consumer along with other information on cancellation.
ICOBS 7.1.1RRP
1A consumer has a right to cancel, without penalty and without giving any reason, within:(1) 30 days for a contract of insurance which is, or has elements of, a pure protection contract or payment protection contract; or(2) 14 days for any other contract of insurance or distance contract.[Note: article 6(1) of the Distance Marketing Directive in relation to a distance contract and article 186 of the Solvency II Directive2 in relation to a pure protection contract] 2
ICOBS 7.1.2GRP
A firm may provide longer or additional cancellation rights voluntarily, but if it does these should be on terms at least as favourable to the consumer as those in this chapter, unless the differences are clearly explained.
ICOBS 7.1.3RRP
The right to cancel does not apply to:(1) a travel and baggage policy or similar short-term policy of less than one month's duration; (2) a policy the performance of which has been fully completed by both parties at the consumer's express request before the consumer exercises his right to cancel;(3) a pure protection contract of six months' duration or less which is not a distance contract;(4) a pure protection contract effected by the trustees of an occupational pension scheme,
ICOBS 7.1.5RRP
The cancellation period begins either:(1) from the day of the conclusion of the contract, except in respect of a pure protection contract where the time limit begins when the customer is informed that the contract has been concluded; or(2) from the day on which the consumer receives the contractual terms and conditions and any other pre-contractual information required under this sourcebook, if that is later than the date referred to above.[Note: article 186(1) of the Solvency
ICOBS 7.1.6RRP
If a consumer exercises the right to cancel he must, before the expiry of the relevant deadline, notify this following the practical instructions given to him. The deadline shall be deemed to have been observed if the notification, if on paper or another durable medium, is dispatched before the deadline expires.[Note: article 6(1) and (6) of the Distance Marketing Directive]
COBS 15.5.4GRP
When a consumer cancels a distance contract under this chapter, his notice may also operate to cancel any attached contract which is also a distance financial services contract unless the consumer gives notice that cancellation of the main contract is not to operate to cancel the attached contract (see regulation 12 of the Distance Marketing Regulations). Where relevant, this should be disclosed to the consumer along with other information on cancellation.
COBS 15.5.6GRP
Where a life policy or unit bought on opening or transferring an ISA is cancellable, the right to cancel, or substitute right to withdraw, applies to the entire arrangement. For example, a maxi-ISA comprising a life policy in the stocks and shares component and a cash component would be cancellable as a whole with a cancellation period of 30 calendar days. However, a firm is free to give the consumer the option of cancelling individual components separately with the same cancellation
COBS 15.3.1RRP
If a consumer exercises his right to cancel he must, before the expiry of the relevant deadline, notify this following the practical instructions given to him. The deadline shall be deemed to have been observed if the notification, if in a durable medium available and accessible to the recipient, is dispatched before the deadline expires. [Note: article 6 (6) of the Distance Marketing Directive]
COBS 15.3.2RRP
A consumer need not give any reason for exercising his right to cancel. [Note: article 6(1) of the Distance Marketing Directive]
MCOB 4.5.1GRP
(1) There are certain additional disclosure requirements laid down by the Distance Marketing Directive that will have to be provided by a mortgage intermediary,6 a home purchase intermediary and a SRB intermediary64 to a consumer5 prior to the conclusion of a distance mortgage mediation contract,66 a distance home purchase mediation contract4 or a distance regulated sale and rent back mediation contract.6 The purpose of this section, MCOB 4.5, is to set out those additional requirements.
MCOB 4.5.2RRP
If the initial contact7 is with a consumer5 with a view to concluding a distance mortgage mediation contract,6 a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract6,4 a firm must:7546(1) in addition to initial disclosure information and any other required information, provide the consumer5 with the information in MCOB 4 Annex 3 in a durable medium in good time before the conclusion of the distance mortgage mediation contract,6distance
ICOBS 6.4.12GRP
(1) When explaining the implications of a change, a firm should explain any changes to the benefits and significant or unusual exclusions arising from the change.(2) Firms will need to consider whether mid-term changes are compatible with the original policy, in particular whether it reserves the right to vary premiums, charges or other terms. Firms also need to ensure that any terms which reserve the right to make variations are not themselves unfair under the Unfair Terms Regulations
MCOB 4.11.10GRP
The effect of MCOB 4.11.9R is that a SRB agreement provider is expected to advise2 in relation to a particular regulated sale and rent back agreement, unless it is reasonable for it to rely on another firm with permission to advise on regulated sale and rent back agreements,2 to have done so in relation to a particular transaction.2
MCOB 1.3.4RRP
(1) The rules in (2) do not apply to a firm with respect to a regulated mortgage activity or a home purchase activity2 exclusively concerning a distance contract if the following conditions are satisfied:2(a) the firm carries on the activity from an establishment maintained by the firm in an EEA State other than the United Kingdom; and(b) either the EEA State:(i) has implemented the Distance Marketing Directive3; or3(ii) has obligations in its domestic law corresponding to those
CONC 2.10.20GRP
Where a firm understands, or reasonably suspects, a customer has or may have a mental capacity limitation the firm should take particular care that the customer is not provided with credit which the firm knows, or reasonably believes, to be unsuitable to the customer's needs, even where the credit would be affordable.[Note: paragraph 4.43 of MCG]
DISP App 3.1.5GRP
In this appendix:(1) (a) at step 1,3 “historic interest” means the interest the complainant paid to the firm because a payment protection contract was added to a loan or credit product;3(b) at step 2, “historic interest” means in relation to any sum, the interest the complainant paid as a result of that sum being included in the loan or credit product;32(2) "simple interest" means a non-compound rate of 8% per annum;3(3) "claim" means a claim by a complainant seeking to rely upon
ICOBS 6.2.5RRP
(1) A firm must provide a consumer with information on the right to cancel a policy.(2) The information to be provided on the right to cancel is:(a) its existence;(b) its duration;(c) the conditions for exercising it;(d) information on the amount which the consumer may be required to pay if he exercises it;(e) the consequences of not exercising it; and(f) the practical instructions for exercising it.(3) The information must be provided in good time before conclusion of the contract