Related provisions for MCOB 5.6.62

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MCOB 5.6.19RRP
Where the same illustration covers a regulated mortgage contract that is a combination of a repayment mortgage and an interest-only mortgage, either:(1) Section 3 of the illustration must state the amount the customer wishes to borrow as a repayment mortgage and the amount required as an interest-only mortgage; or(2) Section 3 of the illustration must summarise the repayment method as partly an interest-only mortgage and partly a repayment mortgage, and Section 4 of the illustration
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 5.6.53GRP

An example of how the information required by MCOB 5.6.52 R (1), MCOB 5.6.52 R (3) and MCOB 5.6.52 R (5) may be presented is as follows:

Cost of repaying the capitalYou will still owe £Z 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 money that you may need to pay into a separate savings plan to build up a lump sum to repay this amount.

Savings plan that you do not have to take out through [insert name of mortgage lender or mortgage intermediary]

Monthly payments

XYZ savings plan (see separate product disclosure document)


What you will need to pay each month including the cost of a savings plan to repay the capital

36 payments at a fixed rate currently x% followed by:


264 payments at a variable rate currently y%.


MCOB 5.6.55RRP
Unless all of the interest rates described in MCOB 5.6.54 R(5) apply for the term of the loan part to which they apply, then an additional section numbered as 6a and titled 'What you will need to pay in future' must be included to indicate the future stepped payments (if MCOB 5.6.51 R also applies then the section on deferred interest must be numbered 6b). This section must:(1) state when a change in payment will occur;(2) state the reason for the change in payment; and(3) confirm
MCOB 5.6.61GRP
Although the effect of a one percentage point increase in interest rates on the customer's payments is not completely linear, the purpose of MCOB 5.6.59 R(1)(g) and (h) is to show the approximate effect of such an increase.
MCOB 5.6.68RRP
The fees included in this section in accordance with MCOB 5.6.66 R must be itemised under the relevant sub-headings as follows:(1) the fees that are payable by the customer to the mortgage lender must be itemised under the sub-heading 'Fees payable to [name of mortgage lender]';(2) the remaining fees must be itemised under the sub-heading 'Other fees'; and(3) (a) if there are no fees to be itemised in accordance with (1), the sub-heading must be retained and a statement must be
MCOB 5.6.74RRP
Under the sub-heading 'Insurance you must take out through [insert name of mortgage lender or where relevant the name of the mortgage intermediary, or both]' the following information must be included if the regulated mortgage contract requires the customer to take out insurance that is a tied product either through the mortgage lender or where relevant the mortgage intermediary:(1) details of which insurance is a tied product;(2) for how long the customer is obliged to purchase
MCOB 5.6.80RRP
A firm may include in the illustration, under the sub-heading 'Optional insurance', quotations (estimated where necessary) for any insurance products (other than the insurance products covered elsewhere in the illustration in accordance with MCOB 5.6.74 R and MCOB 5.6.77 R) that the firm issuing the illustration wishes to promote to the customer.
MCOB 5.6.91GRP
Where the interest recalculation described in MCOB 5.6.90 R takes place immediately, firms may add a statement in this section explaining that the customer will get the benefit of the overpayment immediately, and firms may refer to supplementary information to illustrate further, the benefits of making regular overpayments.
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 9.4.22RRP
At the end of Section 4 of the illustration a statement must be included making clear that changes to any of the information obtained from the customer, and where appropriate to the valuation of the property, could alter the details elsewhere in the illustration and encouraging the customer to ask for a revised illustration in this event.
DISP App 3.2.1GRP
The firm should consider, in the light of all the information provided by the complainant and otherwise already held by or available to the firm, whether there was a breach or failing by the firm.
MCOB 4.11.4ERP
(1) In assessing whether a customer can afford to enter into a particular regulated sale and rent back agreement, a firm should use the following information:(a) the rental payments that will be due under the tenancy agreement which confers the right of the customer (or trust beneficiary or related party) to continue residing in the property, stress tested to take account of possible future rental increases during the fixed term of the tenancy agreement by reference to the circumstances

Schedule to the Recognition Requirements Regulations, paragraph 3


The [UK RIE] must ensure that the systems and controls used in the performance of its [relevant functions] are adequate, and appropriate for the scale and nature of its business.


Sub-paragraph (1) applies in particular to systems and controls concerning -


the transmission of information;


the assessment, mitigation and management of risks to the performance of the [UK RIE'srelevant functions];


the effecting and monitoring of transactions on the [UK RIE];


the technical operation of the [UK RIE], including contingency arrangements for disruption to its facilities;


the operation of the arrangements mentioned in paragraph 4(2)(d); and


(where relevant) the safeguarding and administration of assets belonging to users of the [UK RIE's] facilities.

If a firm ceases to be a participant firm or carry out activities within one or more sub-classes4 part way through a financial year4 of the compensation scheme:4(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firmhas ceased to be a participant firm or carry out activities within one or more sub-classes,4 but must be before it ceases to be an authorised