Related provisions for MCOB 5.6.46

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MCOB 9.4.14GRP
MCOB 9.4.13 R(3) does not require information to be obtained from the customer before providing an illustration in order to ascertain the amount the customer is eligible to borrow or to release from the property8. Instead, its purpose is to avoid a firm being in a position where it would otherwise have to provide a customer with an illustration for an amount it knew the customer would not be eligible for, based on whatever information it had obtained from the customer before providing
MCOB 9.4.83RRP
Under the heading "What happens if you do not want this mortgage any more?", the illustration must include the following information on the lifetime mortgage:77(1) under the sub-heading "Early repayment charges":(a) an explanation of whether early repayment charges are payable;(b) an explanation of when early repayment charges are payable;(c) an explanation of any other fees that are payable if the lifetime mortgage7 is repaid early, and the current level of these fees;7(d) a
MCOB 9.4.95GRP
Where the interest recalculation described in MCOB 9.4.94 R takes place immediately, firms may add a statement in this section explaining that the customer will get the benefit of the overpayment immediately.
MCOB 9.4.147RRP
8Under the heading "Risks - important things you must consider" the illustration must also include the following if they apply:(1) for an instalment reversion plan, a statement that if the customer dies in the early years of the plan, income payments will cease and therefore the full expected benefits of the plan will not be obtained;(2) (a) for an instalment reversion plan where there is a regular cash sum payable; and(b) where:(i) the home reversion plan is linked to an investment;
MCOB 9.4.152RRP
8Under the section heading "What fees must you pay?" the illustration must: (1) itemise all the fees that the customer must pay, excluding any charges for insurance set out in Section 10 of the illustration; and(2) include a statement regarding taxes and costs using the following text: "You may have to pay other taxes or costs in addition to any fees shown here.".
MCOB 9.4.156RRP
(1) 8If any fees are to be deducted from the amount to be released, this must be stated alongside each fee.(2) If the customer has the option of deducting from the amount to be released any of the fees included in this section, the following text must be included: "If you wish you can deduct [this/these/the {type of fee}] fee(s) from the amount to be released under this home reversion plan. This will reduce the amount you get to £ [insert amount of the amount to be released minus
MCOB 9.4.159RRP
(1) 8Under the section heading "Insurance" the illustration must include details of:(a) insurance which is a tied product; and(b) insurance which is required as a condition of the home reversion plan which is not a tied product.(2) Under this section heading a firm may also provide details of insurance which is optional for the customer to take out.(3) It must be clear to the customer which products he is required to purchase under which circumstances (for example, where both
MCOB 9.4.160RRP
8The following information must be included if the home reversion plan requires the customer to take out insurance that is a tied product either through the reversion provider or the reversion intermediary:(1) details of which insurance is a tied product;(2) the name of the firm imposing the requirement for the insurance;(3) for how long the customer is obliged to purchase the insurance;(4) an accurate quotation or a reasonable estimate of any payments the customer needs to make
MCOB 9.4.175RRP
8This section must: (1) follow Section 11 "What happens if you do not want this home reversion plan any more?", unless the illustration is issued by a reversion intermediary, in which case it must follow Section 12 "Using a home reversion intermediary"; and(2) include the name, address and contact point of the firm providing the illustration.
MCOB 5.6.2RRP
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
MCOB 5.6.5RRP
The illustration provided to customers must:(1) contain only the material prescribed in MCOB 5.6 and no other material except where provided for elsewhere in MCOB 512; and(2) be in a document separate from any other material that is provided to the customer.
MCOB 5.6.6RRP
As a minimum the illustration must be personalised to reflect the following requirements of the customer:(1) the specific regulated mortgage contract in which the customer is interested;(2) the amount of the loan required;(3) the price or value of the property on which the regulated mortgage contract would be secured (estimated where necessary);(4) the term of the regulated mortgage contract. If 12the customer is unable to suggest a date at which they expect to repay the loan,
MCOB 5.6.7GRP
A firm should not illustrate more than one regulated mortgage contract in the same illustration, for example by using one illustration to compare alternative products, repayment methods or repayment terms.
MCOB 5.6.8GRP
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
MCOB 5.6.9RRP
The amount referred to in MCOB 5.6.6 R(2) is:(1) in cases where on the basis of the information obtained from the customer before providing the illustration it is clear that the customer would not be eligible to borrow the amount he requested, an estimate of the amount that the customer could borrow based on the information obtained from the customer; or(2) where the regulated mortgage contract is a revolving credit agreement such as a secured overdraft or mortgage credit card:4(a)
MCOB 5.6.11GRP
MCOB 5.6.6 R sets out minimum requirements. The illustration may be personalised to a greater degree if the mortgage lender or mortgage intermediary wishes, subject to the restrictions on the information that can be obtained from the customer in MCOB 5.5.15 R when the illustration is provided in accordance with MCOB 5.5.1 R(2)(c).
MCOB 5.6.12GRP
MCOB 5.6.9 R(1) does not require information to be obtained from the customer before providing an illustration in order to ascertain the amount the customer is eligible to borrow. Instead, its purpose is to avoid a firm being in a position where it would otherwise have to provide a customer with an illustration for an amount it knew the customer would not be eligible for, based on whatever information it had obtained from the customer before providing the illustration.
MCOB 5.6.24GRP
The purpose of the illustration is to provide the customer with details of the cost of borrowing the amount required over the term specified in MCOB 5.6.6 R(2) and MCOB 5.6.6 R(4). Section 12 has been designed specifically to illustrate any additional features of the regulated mortgage contract such as a linked current account, a linked savings account or the availability of unsecured lending. These features should therefore be shown in section 12 and not in section 3 of the
MCOB 5.6.25RRP
Under the section heading 'Description of this mortgage' the illustration must:(1) state the name of the mortgage lender providing the regulated mortgage contract to which the illustration relates (a trading name used by the mortgage lender may also be stated in accordance with MCOB 5.6.2 R(6)), and the name, if any, used to market the regulated mortgage contract;(2) (a) provide a description of the interest rate type and rate of interest that applies in accordance with the format
MCOB 5.6.26RRP
MCOB 5.6.27 R sets out some examples of descriptions of interest rate types and rates of interest which must be used in the illustration to comply with MCOB 5.6.25 R(2). If an interest rate is not described in MCOB 5.6.27 R, it must be presented in the illustration in a way that is consistent with the descriptions in MCOB 5.6.27 R.
MCOB 5.6.28RRP
Where the loan under the regulated mortgage contract is divided into more than one part (for example where part of the loan is a fixed interest rate and part of the loan is a discounted variable interest rate) and the firm displays this in a tabular format in the illustration:(1) the following text must be used to introduce the table 'As this mortgage is made up of more than one part, these parts are summarised below:';(2) each part must be numbered for ease of reference in the
MCOB 5.6.52RRP
Where all or part of the regulated mortgage contract to which the illustration relates is an interest-only mortgage:(1) the illustration must include the sub-heading 'Cost of repaying the capital' with the following text under it:'You will still owe [insert amount of loan on an interest-only basis] at the end of the mortgage term. You will need to make separate arrangements to repay this. When comparing the payments on this mortgage with a repayment mortgage, remember to add any
MCOB 5.6.54RRP
Where the loan under the regulated mortgage contract is divided into more than one part (for example, where part of the loan is on a fixed interest rate and part on a discounted variable interest rate) and the firm displays the initial cost of all parts, and the total cost, in a tabular format in the illustration, MCOB 5.6.42 R(3) and MCOB 5.6.46 R do not apply; instead:(1) each part must be numbered for ease of reference in the illustration;(2) the loan amounts must be totalled;(3)
MCOB 5.6.73RRP
(1) Under the section heading 'Insurance' the illustration must include details of:(a) insurance which is a tied product; and(b) insurance which is required as a condition of the regulated mortgage contract which is not a tied product.(2) A firm may also provide details of insurance which it is optional for the customer to take out under this section heading.(3) It must be clear to the customer which products he is required to purchase under which circumstances (for example, where
MCOB 5.6.93RRP
(1) If none of the features at MCOB 5.6.94 R are applicable to the regulated mortgage contract to which the illustration relates, the section headed 'Additional features' must be retained, but the sub-headings must not be included and a statement must be added to explain that there are no additional features.(2) Only those features available on the regulated mortgage contract need be included in the illustration.(3) If a firm provides a customer with supplementary information
MCOB 5.6.100RRP
Under the sub-heading 'Additional secured borrowing', the illustration must provide details of circumstances in which additional secured lending is offered with the regulated mortgage contract that would allow the customer, subject to certain conditions, to increase the amount of the loan on which the illustration is based.
MCOB 5.6.101RRP
Under the sub-heading 'Unsecured borrowing', the illustration must provide details of circumstances in which unsecured lending is offered with the regulated mortgage contract that would allow the customer to increase the amount of the loan on which the illustration is based.
MCOB 5.5.1RRP
(1) A firm must provide the customer with an illustration for a regulated mortgage contract before the customer submits an application for that particular regulated mortgage contract to a mortgage lender, unless an illustration for that particular regulated mortgage contract has already been provided.(2) Except in the circumstances in MCOB 5.5.1A R, a1firm must provide the customer with an illustration for a regulated mortgage contract when any of the following occurs, unless
MCOB 5.5.1ARRP
1A firm need not provide an illustration:(1) in relation to a direct deal; (2) if the customer refuses to disclose key information (for example, in a telephone conversation, his name or a communication address) or where the customer is not interested in pursuing the enquiry; or(3) if the firm does not wish to do business with the customer.
MCOB 5.5.1BRRP
1If the firm chooses not to give an illustration in the circumstances set out in MCOB 5.5.1AR (1), where it has given advice on a direct deal, the firm must give the customer a written record of the advice.
MCOB 5.5.1CRRP
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
MCOB 5.5.1EGRP
1In the circumstances in MCOB 5.5.1AR (2), the rule in MCOB 5.5.1 R (1) will mean that the customer may not make an application for a regulated mortgage contract as an illustration has not been provided.
MCOB 5.5.3GRP
If a firm chooses to issue an offer document in place of an illustration in accordance with MCOB 5.5.1 R(3), it will need to comply with MCOB 6.4 (Content of the offer document), and in particular with MCOB 6.6 (Offer documents in place of illustrations).
MCOB 5.5.4RRP
A firm must not undertake any action that commits the customer to an application (including accepting product-related fees in relation to the regulated mortgage contract concerned) until the customer has had the opportunity to consider an illustration.11
MCOB 5.5.7RRP
The firm dealing directly with the customer is responsible for ensuring compliance with the content and timing requirements, that is, a mortgage lender is not responsible for ensuring that a customer has received an illustration before accepting an application from a mortgage intermediary.
MCOB 5.5.8RRP
Where a firm has already provided an illustration in accordance with MCOB 5.5.1 R and the terms for the proposed regulated mortgage contract are subsequently materially altered, the firm must ensure that the customer is provided with a revised illustration, before acting on the amendment, when the change occurs at the point at which a customer submits an application for the regulated mortgage contract.
MCOB 5.5.10GRP
Unless the customer requests a revised illustration, a firm is not required to provide one if the customer has already submitted an application, and an amendment is made subsequently. The mortgage lender should however ensure that any amendment is reflected in the offer document.
MCOB 5.5.11RRP
(1) If, at the point an illustration must be provided in accordance with MCOB 5.5.1 R, a firm is uncertain whether the contract will be a regulated mortgage contract, the firm must:(a) provide an illustration; or(b) seek to obtain from the customer information that will enable the firm to ascertain whether the contract will be a regulated mortgage contract.(2) Where (1)(b) applies, an illustration must be provided, unless, on the basis of the information the customer provides,
MCOB 5.5.12GRP
If the firm has reasonable evidence that the contract is not a regulated mortgage contract and has not provided an illustration before a customer submits an application, and it is subsequently found that the contract is a regulated mortgage contract, there is no requirement to provide a separate illustration at that stage. However, the requirement to integrate an illustration into the offer document at MCOB 6.4.1 R will apply.
MCOB 5.5.14GRP
Where the customer requests an illustration for1 a particular regulated mortgage contract (see MCOB 5.5.1 R (2)(d)), the purpose of MCOB 5.5.15 R, MCOB 5.5.16 R and MCOB 5.5.17 G is to ensure that the customer receives an illustration without unnecessary delay. These requirements do not restrict the information that the firm may obtain from the customer after it has provided the customer with an illustration.11
MCOB 5.5.15RRP
In meeting a request for an illustration in accordance with MCOB 5.5.1 R (2)(d)11, the firm must not delay the provision of the illustration by requesting information other than:1(1) the information necessary to personalise the illustration in accordance with MCOB 5.6.6 R, if the firm does not already know it;(2) where the firm acts in accordance with MCOB 5.5.11 R(2), such information as is necessary to ascertain whether or not the contract will be a regulated mortgage contract;(3)
MCOB 5.5.17GRP
A firm may use information that it already holds on the customer for the purpose of producing the illustration (for example, if it already holds the customer's credit record), providing the use of this information does not delay the customer receiving the illustration and the customer's consent is obtained where appropriate.
MCOB 5.5.18RRP
If, on the basis of the information obtained from the customer or on the basis of information that the firm already holds on the customer, the firm would do business with the customer, but not on the terms requested, the firm may provide the customer with an illustration in respect of a different regulated mortgage contract if it chooses to do so.
MCOB 5.4.3RRP
A mortgage intermediary must take reasonable steps to ensure that an illustration which it issues, or which is issued on its behalf, other than that provided by a mortgage lender is accurate44
MCOB 5.4.6GRP
It is the responsibility of a mortgage intermediary to ensure compliance with MCOB 5.4.3 R. However, where a firm can show that it was reasonable for it to rely on information provided to it by another person, other than the mortgage lender, that an illustration was accurate, it 4 may be able to rely on MCOB 2.5.2 R, if this turns out not to be the case.4
MCOB 5.4.9GRP
The purpose of MCOB 5.4.8 R is not to require a firm to ascertain whether a customer is eligible for a particular regulated mortgage contract before providing an illustration. Instead, the purpose is to ensure that the firm takes into account the information it has obtained from the customer before providing an illustration to the customer.
MCOB 5.4.10RRP
In providing an illustration to a customer, a firm must explain to the customer the importance of reading the illustration and understanding it.
MCOB 5.4.11GRP
A firm may satisfy MCOB 5.4.10 R by drawing the customer's attention orally to the importance of reading and understanding the illustration, for example in a face-to-face meeting, or by referring to its importance in a covering letter or electronic communication or other written information that accompanies the illustration.
MCOB 5.4.12RRP
Any illustration provided to a customer by a firm must be in a durable medium.
MCOB 5.4.18ARRP
(1) 3Whenever a firm provides a customer with information specific to the amount that the customer wants to borrow on a particular regulated mortgage contract following an assessment of the customer's needs and circumstances in order 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.1R (1), MCOB 4.4A.2 R and MCOB 4.4A.4R (1); and(b) that the customer has
MCOB 5.4.18BRRP
(1) 3Whenever, as part of an execution-only sale (or potential execution-only sale), a customer provides a firm with the information in MCOB 4.8A.14R (1), (2) or (3) the firm must inform the customer, clearly and prominently, that the customer has the right to request an illustration for any regulated mortgage contract which the firm is able to offer the customer.(2) Whenever, as part of an execution-only sale (or potential execution-only sale), a high net worth mortgage customer
MCOB 5.4.18CGRP
(1) 3In order to demonstrate compliance with MCOB 5.4.18AR (1), a firm may wish to consider, for example, doing one or more of the following: give the messages to the customer in a durable medium; build the requirements into the firm's training of staff, as evidenced by its training and compliance manuals; insert appropriate prompts into paper-based or automated sales systems; have procedures in place to monitor compliance by its staff with that rule. What is required in each
MCOB 5.4.22GRP
The record maintained in accordance with MCOB 5.4.19 R should contain or refer to matters such as:(1) the date on which the illustration was provided to the customer;(2) the date of the application made by the customer; and(3) details of the medium through which the illustration was provided.
MCOB 5.4.23RRP
Where the illustration provided to the customer does not contain an accurate quotation or a reasonable estimate of the payments the customer will need to make in connection with any tied product that the customer must take out with the regulated mortgage contract, and the customer applies for that regulated mortgage contract:(1) the firm must provide the customer with an accurate quotation as soon as possible after he has applied, and in good time before the offer document is
MCOB 5.4.24GRP
The rules on the content of an illustration at MCOB 5.6 (Content of illustrations) mean that if the regulated mortgage contract requires the customer to take out a tied product, the illustration must include an accurate quotation or a reasonable estimate of the payments the customer would need to make for the tied product (see MCOB 5.6.52 R (2) where the tied product is a repayment strategy and MCOB 5.6.74 R where the tied product is insurance).3 If it is not possible to include
MCOB 5.4.27GRP
5The information referred to in MCOB 5.4.25R and MCOB 5.4.26R may be given to the customer either in the illustration or in a separate document provided at the same time as the illustration.
MCOB 7.6.2RRP
A firm must notify a customer, as soon as the details are known, of who will be responsible for setting interest rates and charges on the regulated mortgage contract if any interest in the regulated mortgage contract is to be sold, assigned, or transferred, and the firm will no longer be responsible for this.
MCOB 7.6.5RRP
Where the customer has, in accordance with the terms of the regulated mortgage contract, taken up an additional tranche of borrowing on a mortgage that is released in tranches and this did not require any further approval of the mortgage lender, a firm must provide confirmation as soon as possible of:(1) the new amount owed by the customer under the regulated mortgage contract; (2) the amount of each payment that is due; and(3) the interest rate charged.
MCOB 7.6.34RRP
7Where a firm is required to provide a customer with an ESIS under MCOB 7.6.18R (2) or MCOB 7.6.22R (2), or a firm chooses to provide a customer with an ESIS under MCOB 7.6.31R (2), the firm need not include the additional APRC required under MCOB 10A.1.6 R, Section 4 of MCOB 5A Annex 1 and MCOB 5A Annex 2, 6.2R to 6.8R.
MCOB 7.6.35RRP
7Where a firm provides a customer with an ESIS under MCOB 7.6.18R (2), MCOB 7.6.22R (2) or MCOB 7.6.31R (2), that includes an additional APRC, the firm must either:(1) base that additional APRC on the APRC previously provided to the customer under MCOB 5A (MCD Pre-application disclosure); or(2) calculate that additional APRC in accordance with MCOB 10A.1.6 R, Section 4 of MCOB 5A Annex 1 and MCOB 5A Annex 2, 6.2R to 6.12R.
MCOB 4.4A.1RRP
1Using the methods and at the times specified in this section, a firm must provide the customer with the following information:(1) whether there are any limitations in the range of products that it will offer to the customer, and if so what those are;2(2) the basis on which the firm will be remunerated; and2(3) the availability of alternative finance options.2
MCOB 4.4A.8RRP
(1) The information about the basis of remuneration required by MCOB 4.4A.1R (2) must include all relevant information, including the following details:(a) any fees which the firm will charge to the customer;(b) when any such fees will be payable and, if applicable, reimbursable; and(c) whether the firm will receive commission from the mortgage lender or another third party and, if applicable, whether any commission will be offset against any fees charged and the arrangements
MCOB 4.4A.15RRP
The information requirements in MCOB 4.4A.1 R, MCOB 4.4A.2 R, MCOB 4.4A.4R (1) and MCOB 4.4A.8 R do not apply where:(1) the information has already been provided by the firm and the firm has good reason to believe that it is still accurate and appropriate for the customer; or(2) the information has already been provided by the firm which first made contact with the customer in respect of the particular regulated mortgage contract, and the firm subsequently making contact with
MCOB 4.4A.18RRP
Where a firm provides services to a consumer by way of a distance contract, the firm must provide the consumer with the following information in a durable medium in good time before the distance contract has been agreed:(1) the information which is required by MCOB 4.4A.1 R to MCOB 4.4A.8A R;22(2) whether or not the firm will be providing the consumer with advice;(3) the name and the main business of the firm, the geographical address at which it is established and any other geographical
MCOB 5.7.1RRP
Where the regulated mortgage contract is for a business purpose or a high net worth mortgage customer3, a firm may choose to provide a business illustration or high net worth illustration (as applicable)3 (in compliance with MCOB 5.7.2 R) instead of complying with MCOB 5.6.
MCOB 5.7.2RRP
A business illustration or high net worth illustration3provided to a customer must:(1) use the headings and prescribed text in MCOB 5 Annex 1 (except as provided in MCOB 5.7) but need not follow the format;(2) include the content required by MCOB 5.6.3 R to MCOB 5.6.128 R4 (except MCOB 5.6.5 R, MCOB 5.6.101 R, MCOB 5.6.109 R to MCOB 5.6.112 G, MCOB 5.6.120 R and MCOB 5.6.121 R);14(3) use the key facts logo followed by the text 'about this [term used by the firm to describe the
MCOB 5.7.3GRP
(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
MCOB 5.7.4RRP
Any business illustration or high net worth illustration3provided by a firm must be limited to facilities provided under a regulated mortgage contract.
MCOB 5.7.6RRP
(1) When providing a business illustration or high net worth illustration3in accordance with MCOB 5.7.2 R a firm should describe facilities provided under the regulated mortgage contract that are not a loan within section 12 (Additional features) of the business illustration or high net worth illustration3.(2) In complying with (1), a firm should follow the requirements in MCOB 5.6.92 RMCOB 5.6.108 G where these are relevant. Where the facility is of a type not considered in MCOB
MCOB 6.4.16RRP
If the firm knows at the point that the offer is made to the customer that its interest in the regulated mortgage contract will be assigned (by sale or transfer) and the firm will no longer be responsible for setting interest rates and charges, the offer document must:(1) state this; and(2) state, where known, who will be responsible for setting interest rates and charges after the sale or transfer.
MCOB 6.4.17RRP
Where MCOB 6.4.16 R applies, if the name of the party who will be responsible for setting interest rates and charges after the sale or transfer is not known at the point the offer is made, the firm must notify the customer of this as soon as it becomes known.
ICOBS 6.1.12ARRP
[deleted]6
ICOBS 6.4.11RRP
(1) Throughout the term of a policy, a firm must provide a customer with information about any change to:(a) the premium, unless the change conforms to a previously disclosed formula; and(b) any term of the policy, together with an explanation of any implications of the change where necessary.(2) This information must be provided in writing or another durable medium in good time before the change takes effect or, if the change is at the customer's request, as soon as is practicable
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 6A.4.1RRP
If a firm makes an offer to a consumer with a view to entering into or varying an MCD regulated mortgage contract, it must provide the consumer, along with the offer document, with a tariff of charges that could be incurred on the regulated mortgage contract.
MCOB 6A.4.3GRP
A firm may include the tariff of charges as an integral part of the offer document, or provide it separately along with the offer document.
MCOB 7.5.3RRP
The statement required by MCOB 7.5.1 R must contain the following:(1) except in the case of mortgage credit cards, information on the type of regulated mortgage contract, including:(a) a clear statement of whether the regulated mortgage contract is an interest-only mortgage, or repayment mortgage, or a combination of both; and(b) a prominent reminder, where all of the regulated mortgage contract is an interest-only mortgage, that:(i) the customer's payments to the firm do not
MCOB 7.5.8GRP
If a firm chooses to use the annual statement to provide a customer with a regular written statement in accordance with MCOB 13.5.1 R (Statements of charges), as described in MCOB 13.5.2 G(4), it will need to include the actual payment shortfall5in the annual statement.5
MCOB 7.5.10RRP
If the tariff of charges has changed since the last annual statement was sent to the customer (or, where the annual statement is the first statement, since the customer entered into the regulated mortgage contract) and a firm has not already sent a revised tariff of charges to the customer, it must include one with the annual statement.
MCOB 6A.3.18RRP
Where MCOB 6A.3.17 R applies, if the name of the party who will be responsible for setting interest rates and charges after the sale or transfer is not known at the point the offer is made, the firm must notify the consumer of this as soon as it becomes known.
MCOB 6.5.1RRP
If a firm makes an offer to a customer with a view to entering into a regulated mortgage contract, it must provide the customer, along with the offer document, with a tariff of charges that could be incurred on the regulated mortgage contract.
MCOB 6.5.3GRP
A firm may include the tariff of charges as an integral part of the offer document, or provide it separately along with the offer document.
COLL 6.7.6GRP
(1) For the authorised fund manager's periodic charge or for payments out of scheme property to the investment adviser, the prospectus may permit a payment based on a comparison of one or more aspects of the scheme property or price in comparison with fluctuations in the value or price of property of any description or index or other factor designated for the purpose (a "performance fee").(2) Any performance fee should be specified in the appropriate manner in the prospectus and
CONC 5A.5.2RRP
Where:(1) a firm enters into an agreement for high-cost short-term credit in contravention of a rule in CONC 5A.2; or(2) a firm facilitates an individual becoming a borrower under an agreement for high-cost short-term credit in contravention of a rule in CONC 5A.4; or(3) a firm within CONC 5A.5.1 R (1) imposes a charge in contravention of a rule in CONC 5A.3; or(4) a firm within CONC 5A.5.1 R (4) imposes a charge on behalf of a lender in contravention of a rule in CONC 5A.3; or(5)
CONC 5A.5.3RRP
Where an agreement for high-cost short-term credit provides for or imposes one or more charges that alone or in combination exceed or are capable of exceeding an amount set out in CONC 5A.2 or CONC 5A.3:(1) the agreement is unenforceable against the borrower to the extent that such a charge or such charges exceed or are capable of exceeding that amount; and (2) the borrower may choose not to perform the agreement to that extent and if that is the case at the written or oral request
CONC 5A.5.7GRP
CONC 5A.5.3 R is a residual provision that applies to a firm established in the UK which carries on debt administration or debt collection, but where the rules in CONC 5A do not apply to a lender because the lender is established outside the UK and provides electronic commerce activities into the UK. Where a borrower gives notice to the lender referred to in CONC 5A.5.3 R, only charges which exceed the amounts set out in CONC 5A.2 or CONC 5A.3 are void. The borrower remains
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444