MCOB 6.8 1Home purchase plans

1. (1)

   1If a firm offers to enter into a home purchase plan with a customer, it must ensure that the customer is, or has been provided with an appropriate offer document in a durable medium which includes:

   1. (a)

      the period for which the offer is valid;

   2. (b)

      an explanation of the consequences that might arise from the customer not entering into the home purchase plan including details of any fees that the customer has paid which will not be refunded;

   3. (c)

      an explanation of when the customer will become bound by the offer and the implications of this;

   4. (d)

      the charges that a customer may incur under the plan, including the reason for, and amount of, each charge, when they are payable, whether they will be refunded and, if so, when;

   5. (e)

      a financial information statement;

   6. (f)

      the firm's contact details, including its name and address; and

   7. (g)

      how to complain to the firm and whether or not complaints may subsequently be referred to the Financial Ombudsman Service.

2. (2)

   A firm may omit details of the charges that a customer may incur under a home purchase plan from the offer document if they are included in a separate tariff of charges provided to the customer at the same time.

A firm must ensure that the financial information statement forms the main, and an integral, part of the offer document.

1. (1)

   A firm must communicate to a consumer2 the distance marketing information in a durable medium available and accessible to the consumer2 in good time before the consumer2 is bound by any distance contract or offer to enter into a home purchase plan.

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2. (2)

   If the distance contract or offer has been concluded at the consumer's2 request using a means of distance communication2 which does not enable providing the information in accordance with (1) then it must be communicated no later than immediately after the conclusion of the home purchase plan.

   2