Related provisions for MCOB 9.4.168
1 - 5 of 5 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
8The fees included in this section must be itemised under the relevant sub-headings as follows:(1) the fees that are payable by the customer to the reversion provider must be itemised under the sub-heading "Fees payable to [name of reversion provider]";(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 included that no fees apply;(b)
(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
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).