Related provisions for MIPRU 4.1.19

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MIPRU 4.1.13GRP
There are special provisions for a social housing firm when it is carrying on mortgage lending or mortgage administration (see MIPRU 4.2.7 R).
MIPRU 4.1.18GRP
Social housing firms undertake small amounts of mortgagebusiness even though their main business consists of activities other than regulated activities. Their mortgage lending is only done as an adjunct to their primary purpose (usually the provision of housing) and is substantially different in character to that done by commercial lenders. Furthermore, they are subsidiaries of local authorities or registered social landlords which are already subject to separate regulation. The
MIPRU 4.2.7RRP
The capital resources requirement for a social housing firm whose Part IV permission is limited to carrying on the regulated activities of: (1) mortgage lender; or(2) mortgage administration (or both);is that the firm's net tangible assets must be greater than zero.
MIPRU 4.2.8GRP
If a social housing firm is carrying on mortgage lending or mortgage administration (and no other regulated activity), its net tangible assets must be greater than zero. However, if it carries on insurance mediation activity or mortgage mediation activity, there is no special provision and the capital resources requirement for firms carrying on designated investment business or mediation activities only applies to it as appropriate.
MIPRU 4.2.9RRP
Unless any of the rules on capital resources for firms carrying on designated investment business, for credit unions or for social housing firms apply, the capital resources requirement for a firm varies according to the regulated activity or activities it carries on.