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MCOB 2A.5 Variable rate credits

MCOB 2A.5.1RRP

Where the borrowing rate under an MCD regulated mortgage contract is variable, the MCD mortgage lender must:

  1. (1)

    ensure that any index or reference rate used to calculate that rate is clear, accessible, objective and verifiable by the parties to the MCD regulated mortgage contract and the FCA; and

  2. (2)

    keep a record of the index or reference rate used to calculate that rate for as long as the MCD regulated mortgage contract remains outstanding.

[Note: article 24 of the MCD]