Related provisions for MCOB 7.6.1
21 - 32 of 32 items.
A retail customer has no right to cancel a regulated mortgage contract concluded with a firm but may have a right to cancel a distance contract concluded with a mortgage intermediaryfor the provision of his services. Whether a mortgage intermediary or a home purchase intermediary concludes a distance mortgage mediation contractwith a retail customer will depend on the circumstances. For example, an intermediary may not, in advising on or arranging a regulated mortgage contract,
If a customer falls into arrears on a regulated mortgage contract, a firm must as soon as possible, and in any event within 15 business days of becoming aware of that fact, provide the customer with the following in a durable medium:(1) the current FSA information sheet on mortgage arrears;(2) a list of the due payments either missed or only paid in part;(3) the total sum of the payment shortfall;(4) the charges incurred as a result of the payment shortfall;(5) the total outstanding
(1) The information in MCOB 4 Annex 3 will be provided in 'good time' for the purposes of MCOB 4.5.2 R (1), if provided in sufficient time to enable the customer to consider properly the services on offer.(2) An example of the circumstances in which MCOB 4.5.2 R (4) or (5) may apply is given in MCOB 4.4.4 G. If the initial disclosure document and accompanying information (including that in MCOB 4 Annex 3) was previously provided to a customer and continues to be appropriate, there
(1) MCOB 5 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its customers and to treat them fairly.(2) The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular regulated mortgage contract, he is supplied with information that makes clear:(a) the features of that regulated mortgage contract;(b) the price that the customer will be required to pay under that regulated mortgage contract,
Firms are reminded that, in relation to a regulated mortgage contract for a business purpose in circumstances where MCOB 7.7.1 R applies, if there is a new early repayment charge or a change to the existing early repayment charge, MCOB 7.7.1 R(2) requires a firm to notify the customer within five business days of the maximum amount payable as an early repayment charge.
Where the regulated mortgage contract is for a business purpose, a firm may as an alternative to MCOB 13.4.1 R(1) provide the following information in a durable medium instead of the FSA information sheet on mortgage arrears: (1) details of the consequences if the payment shortfall is not cleared;(2) a description of the options available to the customer for clearing the payment shortfall; and(3) details of sources of fee-free advice for business customers.
During the course of a distance contract with a retail customer, the making or performance of which constitutes or is part of a regulated mortgage contract:(1) the firm must, at the retail customer's request, provide a paper copy of the contractual terms and conditions of the regulated mortgage contract or of the services being provided by the firm; and (2) the firm must comply with the customer's request to change the means of distance communication used, unless this is incompatible