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  3. Point in time
    2014-01-20

MCOB 13.7 Business loans

MCOB 13.7.1RRP

Where the regulated mortgage contract is for a business purpose, a firm may as an alternative to MCOB 13.4.1 R(1) provide the following information in a durable medium instead of the Money Advice Service 3information sheet “Problems3 paying your mortgage”:2

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  1. (1)

    details of the consequences if the payment shortfall is not cleared;

  2. (2)

    a description of the options available to the customer for clearing the payment shortfall; and

  3. (3)

    details of sources of fee-free advice for business customers.

MCOB 13.7.2GRP

1 Firms are reminded that in accordance with MCOB 1.2.3R, they should either comply in full with MCOB or comply with all tailored provisions in MCOB that relate to business loans. Therefore, a firm may only follow the tailored provisions in MCOB 13.7, if it also follows all other tailored provisions in MCOB.