Related provisions for MCOB 6.1.3
21 - 40 of 42 items.
In the FSA's view, the following exclusions are likely, in many cases, to exclude the normal activities of professional firms from amounting to regulated mortgage activities:(1) article 67 of the Regulated Activities Order (Activities carried on in the course of a profession or non-investment business), which applies in relation to the advising and arranging activities (see PERG 4.10.1 G);(2) article 66 of the Regulated Activities Order (Trustees, nominees and personal representatives)
But the exclusion applies only if the principal purpose of the publication or service is not:(1) to advise on securities or relevant investments or regulated mortgage contracts: or(2) to lead or enable persons:(a) to buy, sell, subscribe for or underwrite securities or relevant investments; or (as the case may be);(b) to enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by the persons to whom the advice is givenas
(1) There are certain additional disclosure requirements laid down by the Distance Marketing Directive that will have to be provided by a mortgage intermediary to a retail customer prior to the conclusion of a distance mortgage mediation contract. The purpose of this section, MCOB 4.5, is to set out those additional requirements. MCOB 4.6 sets out the cancellation rights that apply in relation to a distance mortgage mediation contract.3(2) The FSA expects the requirements in MCOB
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,
A person who is concerned to know whether his proposed activities may require authorisation will need to consider the following questions (these questions are a summary of the issues to be considered and have been reproduced, in slightly fuller form, in the flowchart in PERG 4.18):(1) will I be carrying on my activities by way of business (see PERG 4.3.3 G (The business test))?(2) if so, will my activities relate to regulated mortgage contracts (see PERG 4.4 (What is a regulated
(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,
This chapter applies in relation to:(1) regulated mortgage activities;(2) those activities in MCOB 12 and MCOB 13 that are carried on after a regulated mortgage contract has come to an end following the sale of a repossessed property; and(3) the communication or approval of a qualifying credit promotion.
(1) MCOB 6 amplifies Principle 6 and Principle 7, which require a firm to pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. The purpose of MCOB 6 is to ensure that a customer receives a clear offer document to enable him to check the features and price of theregulated mortgage contract before he enters into it. The offer document should include an updated and suitably adapted illustration
(1) This chapter 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) Where a firm provides services to a customer in relation to a further advance, rate switch, or addition or removal of a party to a regulated mortgage contract, this chapter also requires that the customer is provided with an illustration to make clear the price and features associated with that variation.1(3) This
(1) MCOB 6.1 to MCOB 6.6 (with the modifications stated in MCOB 9.5.2 R to MCOB 9.5.4 R) apply to a mortgage lender where the regulated mortgage contract is a regulated lifetime mortgage contract.(2) The table in MCOB 9.5.2 R shows how the relevant rules and guidance in MCOB 6 must be modified by replacing the cross-references with the relevant cross-references to rules and guidance in MCOB 9.4, and MCOB 9.5.(3) The table in MCOB 9.5.3 R replaces certain rules and guidance in
(1) MCOB 7.1 to MCOB 7.3, MCOB 7.5 and MCOB 7.6 (with the modifications stated in MCOB 9.6.2 R to MCOB 9.6.4 R) apply to a firm where the regulated mortgage contract is a regulated lifetime mortgage contract.(2) The table in MCOB 9.6.2 R shows how the relevant rules and guidance in MCOB 7 must be modified by replacing the cross-references with the relevant cross-references to rules and guidance in MCOB 9.4 to MCOB 9.8.(3) The table in MCOB 9.6.3 R replaces certain rules and guidance
4(1) The effect of SUP 12.5.6A R (1)(a) is that, in relation to designated investment business with private customers, appointed representatives are restricted to one principal.4(2) The effect of SUP 12.5.6A R (1)(b) and SUP 12.5.6A R (1)(c) is that, in relation to regulated mortgage activities with customer, appointed representatives are restricted to having two principals: one for regulated mortgage contracts and one for lifetime mortgages4
- (1)
This rule applies to a firm which:
- (a)
carries on:
- (i)
- (ii)
mortgage mediation activity (or both); and
- (b)
in relation to those activities, holds client money or other client assets;
- (a)
but is not carrying on mortgage lending or mortgage administration.
- (2)
In calculating its capital resources, the firm must exclude any amount by which the aggregate amount of its subordinated loans and its redeemable preference shares exceeds the amount calculated as follows:
four times (a - b - c); |
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where: |
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a |
= |
items 1 to 5 in the Table of items which are eligible to contribute to a firm's capital resources (see MIPRU 4.4.2 R) |
b |
= |
|
c |
= |
the amount of its intangible assets (but not goodwill until 14 January 2008 - see transitional provision 1). |