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  1. Point in time
    2007-02-12

MCOB 5.2 Purpose

MCOB 5.2.1GRP
  1. (1)

    MCOB 5 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its customers and to treat them fairly.

  2. (2)

    The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular regulated mortgage contract, he is supplied with information that makes clear:

    1. (a)

      the features of that regulated mortgage contract;

    2. (b)

      the price that the customer will be required to pay under that regulated mortgage contract, to enable the customer to assess whether it is affordable to him; and

    3. (c)

      any linked deposits, any linked borrowing and any tied products.

  3. (3)

    MCOB 5 requires information to be disclosed in a consistent way to facilitate comparison between regulated mortgage contracts provided by different mortgage lenders.