MCOB 15.1 Handbook provisions which apply in respect of home finance transactions entered into via a P2P platform

1The purpose of MCOB 15 is, where a firm is a P2P platform operator which carries on a regulated activity in relation to a home finance transaction and where the lender or provider does not require permission to enter into the transaction, to:

1. (1)

   explain the application of MCOB provisions to the firm;

2. (2)

   apply to the firm rules and guidance in MCOB that would not otherwise apply, to ensure the protection provided under MCOB to the recipient of home finance is not affected by the status of the provider;

3. (3)

   make modifications to the way certain provisions of MCOB apply to the firm; and

4. (4)

   disapply specified MCOB provisions from the firm.

The effect of CONC 1.2.12R is that a provision of CONC that would otherwise apply in relation to a regulated mortgage contract or a home purchase plan does not apply where the transaction is facilitated by a P2P platform operator and the lender or plan provider does not require permission to enter into it.