MCOB 12.1 Application
Who?
This chapter applies to a firm in a category listed in column (1) of the table in MCOB 12.1.2 R in accordance with column (2) of that table.
This table belongs to MCOB 12.1.1 R
(1) Category of firm |
(2) Applicable section |
whole chapter |
|
MCOB 12.2 and |
|
a firm that was a mortgage lender or mortgage administrator before the sale of a repossessed property |
What?
This chapter applies where a firm:
- (1)
enters into, or makes a further advance on, a regulated mortgage contract; or
- (2)
- (3)
arranges or advises on a regulated mortgage contract or a variation to the terms of a regulated mortgage contract.
The requirements in MCOB 12.4 (Arrears charges) and MCOB 12.5 (Excessive charges) will continue to apply to a firm after a regulated mortgage contract has come to an end following the sale of a repossessed property. References in this chapter to 'customer' will include references to a former customer as appropriate.
The FSA will expect a firm to ensure that charges made to a customer arising from the sale of a repossessed property and charges arising in relation to a mortgage shortfall debt are not excessive and are subject to the same considerations as apply with respect to arrears charges under this chapter.