Related provisions for PERG 4.10A.25
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Therefore, article 4(4B) means that the Regulated Activities Order exclusions in PERG 4.10A.2G (3) do not apply to entering into a regulated mortgage contract as lender unless: (1) the regulated mortgage contract falls outside the MCD (see PERG 4.10A.5 G); or(2) the lender is not acting in the course of his trade, business or profession.
A credit intermediary means a person who:(1) is not acting as a creditor or notary; and(2) is not merely introducing, either directly or indirectly, a consumer to a creditor or credit intermediary; and(3) carries out the following activities:(a) presenting or offering regulated mortgage contracts to consumers; (b) assisting consumers by undertaking preparatory work or other pre-contractual administration in respect of regulated mortgage contracts, other than as referred to in
(1) A person who merely introduces or refers a consumer to a creditor or credit intermediary does not act as a credit intermediary.(2) An example of a person who merely introduces is someone who just indicates to a potential borrower:(a) the existence of a creditor or credit intermediary; or(b) a type of product provided by a particular creditor or credit intermediary;without further advertising or engaging in the presentation, offering, preparatory work or conclusion of the regulated
In the FCA's view, credit intermediation under the MCD covers the same activities as the regulated activity of arranging (bringing about) regulated mortgage contracts, except that: (1) credit intermediation only applies if the intermediary acts for remuneration; and(2) the MCD does not cover the regulated mortgage contracts listed in PERG 4.10A.5 G; and(3) the MCD only applies to services provided to consumers;(4) if the intermediary only acts for the creditor, the MCD intermediation
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year6 of the compensation scheme:44(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 firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised
(1) This chapter applies if a firm:(a) advises a particular5customer to enter into, or arranges an execution-only sale in,5 a home finance transaction2; or52(b) provides information to a customer that is specific to the amount to be provided on a particular home finance transaction2, including information provided in response to a request from a customer; or2(c) provides the means for a customer to make an application to it;in connection with entering into, or agreeing to enter
(1) MCOB 5.1.3 R means that this chapter applies where the customer can apply to enter into a home finance transaction2. This includes circumstances where, for example, the means to apply is provided in person, by telephone, through a website or through an application pack sent through the post.2(2) The effect of this chapter is to require a customer to be provided with key information about a home finance transaction before he submits an application to a home finance provide
(1) MCOB 10.4.2 R means, for example, that the following charges must be included within the total charge for credit:(a) any fee payable to a mortgage intermediary for arranging the contract (see MCOB 10.4.2 R(2)); and(b) any higher lending charge.(2) The FCA takes the view that charges required to be included within the total charge for credit should not be excluded on the basis of these charges being refundable in certain circumstances. (3) The FCA also takes the view that the
(1) The amounts of the following items are not included in the total charge for credit in relation to an agreement:(a) any charge payable under the transaction to the firm upon failure by the customer to do or to refrain from doing anything which he is required to do or to refrain from doing;(b) any charge:(i) which is payable by the firm to any person upon failure by the customer to do or to refrain from doing anything which he is required under the transaction to do or to refrain
(1) MCOB 5A amplifies Principle 6 and Principle 7.(2) The purpose of MCOB 5A is to ensure that, before a consumer submits an application for a particular MCD regulated mortgage contract, they are supplied with information that makes clear: (a) its features, any linked deposits, any linked borrowing and any tied products; and (b) the price that the consumer will be required to pay under that contract, to enable the consumer to make a well-informed purchasing decision.(3) MCOB 5A
The purpose of this chapter is to implement article 164 of the IDD4 in relation to insurance undertakings and insurance intermediaries. The provisions of this chapter have been extended to home finance providers1 in relation to insurance distribution activity4, and to insurance undertakings and home finance providers in relation to home finance mediation activity1, to ensure that firms using these services are treated in the same way and to ensure that clients have the same protection.
9For the avoidance of doubt, this chapter does not apply to the following firms if they do not hold client money or client assets and do not appoint an auditor under or as a result of a statutory provision other than in the Act: (1) authorised professional firms;(2) energy market participants, including oil market participants to whom IPRU(INV) 3 does not apply;(3) exempt insurance intermediaries;(4) insurance intermediaries not subject to SUP 3.1.2 R(10);(5) investment management
Applicable sections (see SUP 3.1.1 R)This table and the provisions in SUP 3 should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular, the PRA does not apply any of the provisions in SUP 3 in respect of FCA-authorised persons. SUP 3.10 and SUP 3.11 are applied by the FCA only.37(1) Category of firm(2) Sections applicable to the firm(3) Sections applicable to its auditor(1) Authorised professional firm which is required by IPRU(INV) 2.1.2R to comply with chapters
The effect of article 28A of the Regulated Activities Order would normally mean that arrangements made by a party to a home finance transaction3 would not fall within the home finance activity3 of arranging. So in a direct sale, a home finance provider3 would not be carrying on the regulated activity of arranging but, where the transaction proceeds to completion, would instead be involved in a regulated activity comprising entering into a home finance transaction3. However, the
2In assessing whether the regulated sale and rent back agreement is appropriate to the needs and circumstances of the customer for the purposes of MCOB 4.11.3CR (1)(b), as a minimum requirement a firm must consider the following list of factors:(1) whether it is appropriate for the customer to sell his property for a price less than its value (as determined by the valuation which is required by MCOB 6.9.2 R, including where applicable a valuation obtained by the SRB agreement
(1) A consideration of the customer's benefits position will need to focus on whether, by entering into the proposed regulated sale and rent back agreement, his entitlement to means-tested benefit will be adversely affected because of his receipt of the net proceeds of sale (if any) of the property. The customer's possible loss of entitlement to claim housing benefit should also be assessed. Where a firm has insufficient knowledge of means-tested and housing benefits to reach
6Article 72D exempts any financial promotion made by an employer to an employee in relation to a staff mortgage. This is subject to certain requirements as follows:(1) where the provider of the staff mortgage is an undertaking in the same group as the employer, the employer must not receive or have received, any direct financial benefit (including any commission, discount, remuneration or reduction in premium) as a result of making the communication; and(2) where the communication
6Article 72E exempts any financial promotion made to an employee by or on behalf of a person (“A”) in relation to a staff mortgage. This is subject to certain requirements as follows:(1) the employer and A must have entered into a written contract specifying the terms on which the communication may be made;(2) in the case of a communication made by a person (“B”) on behalf of A, A and B must also have entered into a written contract specifying the terms on which the communication
This section2 applies:935510(1) in relation to sales data reports, to a firm:1010(a) which is a home finance provider; or(b) which has permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or(c) which is, in respect of sales to a retail client or a consumer:(i) an insurer; or(ii) the manager of an authorised AIF or a UCITS scheme; or(iii) the operator of an investment trust savings scheme, or a
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.
10In order to allocate a share of the amount of specific costs and compensation costs to be funded by an individual participant firm, the funding arrangements are split into six14classes:12 the General Insurance Distribution Claims class; the Investment Intermediation Claims class; the Investment Provision Claims class; the Home Finance Intermediation Claims class; the Debt Management Claims class; and the deposit acceptors’ contribution class.14 The permissions held by a participant