MCOB 8.1 Application

This chapter applies to a firm in a category listed in column (1) of the table in MCOB 8.1.2 R in accordance with column (2) of that table.

This chapter applies if a firm:

1. (1)

   in the course of carrying on a regulated mortgage activity:

   1. (a)

      makes, or anticipates making, a personal recommendation about; or

   2. (b)

      gives, or anticipates giving, personalised information relating to;

   the customer:

   1. (c)

      entering into a regulated lifetime mortgage contract; or

   2. (d)

      varying the terms of a regulated lifetime mortgage contract entered into by the customer; or

2. (2)

   in addition to (1), gives advice or personalised information to the customer on home reversion schemes.

1. (1)

   MCOB 4.4 (Initial disclosure requirements) (as modified by MCOB 8) applies only in relation to varying the terms of a regulated lifetime mortgage contract entered into by the customer in any of the following ways:

   1. (a)

      adding or removing a party;

   2. (b)

      taking out a further advance; or

   3. (c)

      switching all or part of the regulated lifetime mortgage contract from one interest rate to another.1

2. (2)

   Otherwise, this chapter, MCOB 8, applies in relation to any form of variation of a regulated lifetime mortgage contract.