Related provisions for MCOB 9.4.154
1 - 7 of 7 items.
An illustration provided to a customer must:(1) contain the material set out in the relevant annex to this chapter in the order and using the numbered section headings, sub-headings and text prescribed, except where this section provides otherwise;88(2) follow the format of the template in 8the relevant annex to this chapter8, with:(a) prominent use of the Key facts5 logo followed by the text 'about this lifetime mortgage' or 'about this home reversion plan'8;55(b) each section
(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
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
8The following information must be included if the insurance required, as a condition of the home reversion plan, is not a tied product:(1) a brief statement of the type of insurance the firm requires; a quotation for such insurance may be included in the illustration, estimated where necessary; and(2) if a charge is made if the customer does not arrange insurance through the reversion provider or the reversion intermediary, this must be stated, together with the amount of the
8Where the illustration is issued to a customer by, or on behalf of, a reversion intermediary Section 12 "Using a home reversion intermediary" must be included in the illustration and must include the following:(1) a clear statement of the amount payable (either directly or indirectly) by the reversion provider to the reversion intermediary, or to any third parties; and(2) the name of the reversion provider who will make the payment, the name of the reversion intermediary and
8Any material inducements provided by a reversion provider, whether directly or indirectly, to a reversion intermediary or third party (unless the payment only reflects the cost of outsourcing work relating to the processing of home reversion applications by a firm unconnected to the reversion intermediary) must be quantified in cash terms (see MCOB 2.3.7 R). This enables the cash values to be included in the illustration.
3A reversion 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 an reversion provider, is accurate, except in the case of conveyancing fees and insurance premiums (where estimates may be used).
ModuleRelevance to Credit UnionsThe Principles for Businesses (PRIN)The Principles for Businesses (PRIN) set out 3high-level requirements 3imposed by the FCA3. They provide a general statement of regulatory requirements. The Principles apply to all9credit unions. In applying the Principles to credit unions, the FCA3 will be mindful of proportionality. In practice, the implications are likely to vary according to the size and complexity 3of the credit union.99999Senior Management