Home FCA Handbook MCOB MCOB 7 MCOB 7.1 Application
You are viewing MCOB 7.1 Application as of . MCOB 7.1 Application was last updated on 21/03/2016.

MCOB 7.1 Application

Who?

21/03/2016R

Subject to MCOB 7.1.2A R, this chapter applies to a firm in a category listed in column (1) of the table in MCOB 7.1.2 R in accordance with column (2) of that table.

This table belongs to MCOB 7.1.1R

30/06/2010R

(1) Category of firm

(2) Applicable section

mortgage lender

whole chapter except MCOB 7.8

mortgage administrator

MCOB 7.1 - MCOB 7.3 and MCOB 7.5 - MCOB 7.7.

mortgage adviser and mortgage arranger

MCOB 7.1 - MCOB 7.3 and MCOB 7.6.7 R - MCOB 7.7.4 R

home purchase provider

MCOB 7.1.1 R to MCOB 7.1.4 R, MCOB 7.2, MCOB 7.3 and MCOB 7.8

home purchase administrator

As for a home purchase provider except MCOB 7.8.1 R and MCOB 7.8.2 G do not apply

home purchase adviser and home purchase arranger

MCOB 7.1.1 R to MCOB 7.1.4 R, MCOB 7.2 and MCOB 7.8.7 G

reversion provider

reversion administrator

reversion adviser

reversion arranger

see MCOB 9.6 for the application of this chapter

SRB administrator

MCOB 7.9

SRB agreement provider

MCOB 7.1 to MCOB 7.3 and MCOB 7.9
21/03/2016R

MCOB 7.6.7 R to MCOB 7.6.17 R do not apply to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary.

21/03/2016G

MCOB 7B applies to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary, instead of MCOB 7.6.7 R to MCOB 7.6.17 R.

What?

06/04/2007R

This chapter applies if a firm:

  1. (1)

    enters into a home finance transaction with a customer; or

  2. (2)

    administers a home finance transaction which was entered into with a customer; or

  3. (3)

    arranges or advises on or makes a further advance or other variation to the terms of a home finance transaction entered into with a customer.

06/04/2007R

This chapter applies in relation to further advances and other variations (as specified in MCOB 7.6.7 R - MCOB 7.7.4 R in relation to a regulated mortgage contract) regardless of whether they are variations to an existing home finance transaction or are such that they involve the customer entering into a new home finance transaction.

31/10/2004R

This chapter also applies in relation to regulated mortgage contracts in circumstances where the original mortgage lender has passed on ownership of the loan to a third party through securitisation. In such a case, the rules in MCOB 7.5 - MCOB 7.7.4 R will apply to the firm which administers the regulated mortgage contract.

31/10/2004R

In MCOB 7.6.7 R (Further advances), MCOB 7.6.18 R (Rate switches) and MCOB 7.6.22 R (Addition or removal of a party to the contract), if a customer submits an informal application as his first contact with a firm, the illustration required to be provided to a customer in accordance with those rules must be provided and the transaction must not proceed until the customer has made a formal application confirming that it should proceed.

06/04/2007R

In relation to a lifetime mortgage, this chapter is modified by MCOB 9 (Equity release: product disclosure).