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You are viewing the version of the document as on 2023-07-31.

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    2023-07-31

MCOB 15.3 Further provisions about the application of MCOB where agreements are facilitated by a P2P platform

MCOB 15.3.1R

1MCOB 3A (financial promotions etc) applies to a firm which is a P2P platform operator communicating or approving a financial promotion of a P2P agreement which is a home finance transaction where the lender or provider does not require permission to enter into the transaction. It applies as though references to qualifying credit were references to agreements that would be qualifying credit but for the lender not carrying on regulated activity by entering into or administering a regulated mortgage contract.

MCOB 15.3.2R

MCOB 13 (arrears, payment shortfalls and repossessions) applies to a firm which is a P2P platform operator in respect of regulated mortgage contracts or home purchase plans. It applies as though:

  1. (1)

    references to a mortgage administrator or a home purchase administrator include a P2P platform operator;

  2. (2)

    references to administering a regulated mortgage contract, administering a home purchase plan and administering a sale shortfall include a P2P platform operator administering such an agreement or shortfall on behalf of a lender or plan provider. References expressing the same concept but using different tenses are similarly included; and

  3. (3)

    references to a firm taking any action against a customer include where the firm takes action required by a security trustee holding rights for a lender or provider under a regulated mortgage contract or home purchase plan.