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Timeline guidance

MCOB 8.1 Application

Who?

MCOB 8.1.1RRP

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.

MCOB 8.1.2RRP

This table belongs to MCOB 8.1.1 R

(1) Category of firm

(2) Applicable section

equity release provider4

4

whole chapter except MCOB 8.5A5 and MCOB 8.74, MCOB 8.6A in accordance with MCOB 8.1.2A R5

equity release adviser4

4

whole chapter MCOB 8.7 does not apply in relation to a lifetime mortgage4

5

equity release arranger4

4

whole chapter except MCOB 8.5A.5 MCOB 8.7 does not apply in relation to a lifetime mortgage4

5
MCOB 8.1.2ARRP

5MCOB 8.6A only applies to an equity release provider in relation to entering into an equity release transaction where there is no firm which is arranging (bringing about) the equity release transaction to which MCOB 8.6A applies.

MCOB 8.1.2BGRP

5MCOB 8.1.2A R means that the situations where MCOB 8.6A applies to an equity release provider include where an equity release intermediary has been involved in arranging (bringing about) an equity release transaction but is no longer involved in the transaction.

What?

MCOB 8.1.3RRP
4
  1. (1)

    This chapter applies to a firm4 which5 in the course of carrying on an equity release activityenters into, advises on or arranges an equity release transaction or a variation of the terms of an equity release transaction.54

    45
  2. (2)

    In respect of arranging or advising on a home reversion plan for a customer who is acting in his capacity as an unauthorised reversion provider, only MCOB 8.1, MCOB 8.2 and MCOB 8.7 apply.4

    4
MCOB 8.1.4RRP
  1. (1)

    Initial disclosure requirements apply4 only in relation to varying the terms of an equity release transaction4 entered into by the customer in any of the following ways:

    44
    1. (a)

      adding or removing a party;

    2. (b)

      taking out a further advance; or

    3. (c)

      switching all or part of the lifetime mortgage3 from one interest rate to another.1

      3
  2. (2)

    Otherwise, this chapter applies in relation to any form of variation of an equity release transaction.4

    44
MCOB 8.1.5G

[deleted]5

4245
MCOB 8.1.6GRP

6Firms are reminded that MCD lifetime mortgages are also subject to the advising and selling standards in MCOB 4.4A and MCOB 4A that apply to MCD regulated mortgage contracts.