MCOB 8.7 1Initial disclosure information: unauthorised reversion provider
1A firm must ensure that, on first making contact with a customer who is an individual and an unauthorised reversion provider, when it anticipates giving personalised information or advice on a home reversion plan, it must provide the customer with the following warnings in a durable medium:
- (1)
that a home reversion plan is a long-term investment; and
- (2)
that a home reversion plan is a complex legal arrangement, and that expert independent legal advice should be obtained before entering into any agreement.