MCOB 8.2 Purpose
- (1)
2This chapter amplifies Principle 6 (Customers' interests), Principle 7 (Communications with clients) and Principle 9 (Customers: relationships of trust).
- (2)
The purpose of this chapter is to ensure that:
- (a)
customers are adequately informed about the nature of the service they may receive from a firm in relation to equity release transactions. In particular firms need to make clear to customers the range of equity release transactions available from them and the basis of the firm's remuneration;
- (b)
where advice is given, it is suitable for the customer;
- (c)
customers for equity release transactions receive advice in all cases;
- (d)
subject to certain limited exceptions (which are set out in MCOB 8.6A), execution-only sales are only provided where the customer has rejected advice which has been given, has been warned about the implications of proceeding and has specifically instructed the firm that he wishes to do so.
- (a)
- (3)
This chapter also implemented3 certain requirements of the Distance Marketing Directive in relation to distance mortgage mediation contracts.