MCOB 5.2 Purpose

(1)

MCOB 5 contains rules and guidance that apply in addition to firms’ obligations under Principle 6, Principle 7 and the Consumer Duty (as applicable).

(2)

 The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular home finance transaction, he is supplied with information that makes clear:

1. (a)

    (in relation to a regulated mortgage contract) its features, any linked deposits, any linked borrowing and any tied products; and

2. (b)

    the price that the customer will be required to pay under that home finance transaction, to enable the customer to make a well-informed purchasing decision.

3. (c)

    [deleted]

(3)

MCOB 5 requires information to be disclosed in a consistent way to facilitate comparison between products of different providers.