Related provisions for MCOB 7.6.6
41 - 60 of 65 items.
(1) The value of the scheme property is the net value of the scheme property after deducting any outstanding borrowings (including any capital outstanding on a mortgage of an immovable).(2) Any part of the scheme property which is not an investment (save an immovable) must be valued at fair value.(3) For the purposes of (2), any charges that were paid, or would be payable, on acquiring or disposing of the asset must be excluded from the value of that asset.(4) The value of the
(1) For the purpose of MCOB 13.5.1 R, charges that trigger the requirement for regular statements include all charges and fees levied directly as a result of the account falling into arrears. This includes charges such as monthly administrative charges, legal fees and interest. If interest is applied to the amount of the arrears, as it is applied to the rest of the mortgage, a firm need not send a written statement, unless other charges are also being made. If interest is applied
This table belongs to MCOB 8.1.1 R
(1) Category of firm |
(2) Applicable section |
whole chapter except MCOB 8.5 |
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whole chapter |
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whole chapter except MCOB 8.5. |
A firm must ensure that, as soon as possible after the sale of a repossessed property, if the proceeds of sale are less than the amount of the customer's debt, the customer is informed in a durable medium of:(1) the mortgage shortfall debt; and(2) where relevant, the fact that the mortgage shortfall debt may be pursued by another company (for example, a mortgage indemnity insurer).
For a guarantee to be recognised the following conditions must also be met:(1) on the qualifying default of and/or non-payment by the counterparty, the lending firm must have the right to pursue, in a timely manner, the guarantor for any monies due under the claim in respect of which the protection is provided;(2) payment by the guarantor must not be subject to the lending firm first having to pursue the obligor;(3) in the case of unfunded credit protection covering residential
There is power in the Act for the Treasury to change the meaning of the business element by including or excluding certain things. They have exercised this power (see the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (SI 2001/1177), the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2003 (SI 2003/1476) and the Financial Services and Markets Act 2000 (Carrying on Regulated Activities
A business illustration provided to a customer must:(1) use the headings and prescribed text in MCOB 5 Annex 1 (except as provided in MCOB 5.7) but need not follow the format;(2) include the content required by MCOB 5.6.3 R to MCOB 5.6.130 G (except MCOB 5.6.5 R, MCOB 5.6.101 R, MCOB 5.6.109 R to MCOB 5.6.112 G, MCOB 5.6.120 R and MCOB 5.6.121 R);1(3) use the key facts logo followed by the text 'about this [term used by the firm to describe the borrowing, for example 'mortgage']';(4)
A subordinated debt must not form part of the capital resources of the firm unless it meets the following conditions: (1) (for a firm which carries on insurance mediation activity or mortgage mediation activity (or both) but not mortgage lending or mortgage administration) it has an original maturity of:(a) at least two years; or(b) it is subject to two years' notice of repayment;(2) (for all other firms) it has an original maturity of:(a) at least five years; or(b) it is subject
(1) Firms are reminded that MCOB 1.2.7 R enables them to substitute an alternative for 'mortgage' in the initial disclosure document(except in relation to sections 6 and 8 of anyinitial disclosure document provided in accordance with MCOB 4.4.1 R(1)(c)(i) or sections 5 and 8 of any initial disclosure document provided in accordance with MCOB 4.4.1 R(1)(c)(ii)).(2) MCOB 1.2.7 R also means that a firm mustamendthe initial disclosure document in MCOB 4 Annex 1 so that the final sentence
The following limits apply in respect of immovables held as part of the scheme property:(1) the amount secured by mortgages over any immovable must not exceed 100% of the latest valuation by an appropriate valuer under COLL 8.4.11 R (2)(c) or COLL 8.4.11 R (2)(d) or COLL 8.4.13 R, as appropriate;(2) no option may be granted to a person to buy or obtain an interest in any immovable comprised in the scheme property if this might unduly prejudice the ability to provide redemption;
A person may be intending to carry on activities related to other forms of investment in connection with mortgages, such as advising on and arranging an endowment policy or ISA to repay an interest-only mortgage. Such a person should also consult the guidance in PERG 2 (Authorisation and regulated activities) and PERG 8 (Financial promotion and related activities), and PERG 5 (Mediation of general and pure protection insurance.
Article 5(2)(c) requires the Ombudsman, in deciding whether a relevant complaint (including a relevant existing complaint) is to be dismissed without consideration of its merits under the scheme rules, to take into account whether an equivalent complaint would have been so dismissed under the former scheme in question, as it had effect immediately before commencement.
(1) The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data to the FSA. This requirement applies whether the regulated activity has been carried out by the firm, or through an intermediary which has dealt directly with the firm.2(2) The purpose of collecting this data is to assist the FSA in the ongoing supervision of firms engaged