Related provisions for PERG 4.6.18

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

MCOB 12.2.1GRP
(1) Principle 6 requires a firm to pay due regard to the interests of its customers and treat them fairly. A firm is also under an obligation, as a consequence of this sourcebook's disclosure requirements,1 to make charges transparent to customers. This chapter reinforces these requirements by preventing a firm from imposing unfair and excessive charges.1(2) The level of charges under a regulated mortgage contract,2home reversion plan1 or regulated sale and rent back agreement2
MCOB 9.2.1GRP
The purpose of the requirements in this chapter is the same as that in MCOB 5.2, MCOB 6.2 and MCOB 7.2 in respect of equity release transactions1.1
MCOB 5.2.1GRP
(1) MCOB 5 amplifies Principle 6 and Principle 7.1(2) The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular home finance transaction1, he is supplied with information that makes clear:1(a) (in relation to a regulated mortgage contract) its features, any linked deposits, any linked borrowing and any tied products; and11(b) the price that the customer will be required to pay under that home finance transaction, 1to enable the customer
MCOB 13.7.1RRP
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 Money Advice Service3information sheet “Problems3 paying your mortgage”:233(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
MCOB 5.3.2GRP
(1) The purpose of MCOB 5.3.1 R, taken in conjunction with other rules in this chapter, is to ensure that the customer has received details of the particular home finance transaction for which he has applied, and has had the opportunity to satisfy himself that it is appropriate for him.1(2) In relation to a regulated mortgage contract, the application should identify the type of interest rate, rate of interest, and the mortgage lender at the point it is submitted by the customer
MCOB 10.3.7RRP
(1) Where the amount of the credit to be provided under the agreement cannot be ascertained at the date of the making of the agreement:(a) in the case of an agreement for running-account credit under which there is a credit limit, that amount must be taken to be that credit limit; and(b) in any other case, that amount shall be taken to be £100.(2) Where a mortgage lender makes a further advance to the customer in addition to the amount originally borrowed under the regulated mortgage
MCOB 10.3.8RRP
(1) In relation to a lifetime mortgage2, where the APR is calculated for the purpose of a financial promotion3 it must be assumed that the credit is being provided for a period of 15 years beginning with the relevant date.23(2) In relation to a lifetime mortgage2, where the APR is calculated for the purpose of an illustration, the period for which the credit is to be provided must be calculated in accordance with MCOB 9.4.10 R or MCOB 9.4.12 R.2(3) Where, in any other case, the
SUP 12.5.2GRP
(1) Regulations 3(1) 8and (2) of the Appointed Representatives Regulations make it a requirement that the contract between the firm and the appointed representative (unless it prohibits the appointed representative from representing other counterparties) contains a provision enabling the firm to:488(a) impose such a prohibition; or(b) impose restrictions as to the other counterparties which the appointed representative may represent, or as to the types of investment in relation
SUP 12.5.6BGRP
4(1) The effect of SUP 12.5.6A R (1)(a) is that, in relation to designated investment business with retail clients7, appointed representatives are restricted to one principal.47(1A) The effect of SUP 12.5.6A R (1A) is that tied agents are restricted to one principal when acting as such. A tied agent who has a MiFID investment firm or a third country investment firm as a principal may have other principals who are not MiFID investment firms or third country investment firms.8(2)
PERG 8.36.3GRP

Table Controlled activities

1.

Accepting deposits

2.

Effecting and carrying out contracts of insurance

3.

Dealing in securities and contractually based investments

4.

Arranging deals in investments

4A.4

Operating a multilateral trading facility410

104B.

Credit broking

104C.

Operating an electronic system in relation to lending

5.

Managing investments10

105A.

Debt adjusting

105B.

Debt counselling

6.

Safeguarding and administering investments

7.

Advising on investments

8.

Advising on syndicate participation at Lloyd's

9.

Providing funeral plan contracts

10.

Providing qualifying credit

11.3

3

Arranging qualifying credit etc

12.3

3

Advising on qualifying credit etc10

1012A.

Providing relevant consumer credit

1012B.

Providing consumer hire

313.

Providing a home reversion plan

314.

Arranging a home reversion plan

315.

Advising on a home reversion plan

316.

Providing a home purchase plan

317.

Arranging a home purchase plan

318.

Advising on a home purchase plan

718A.

Providing a regulated sale and rent back agreement

718B.

Arranging a regulated sale and rent back agreement

718C.

Advising on a regulated sale and rent back agreement

19.3

3

Agreeing to do anything in 3 to 18C7 above

37
PERG 8.36.4GRP

Table Controlled investments

1.

A deposit.

2.

Rights under a contract of insurance.

3.

Shares etc.

4

Instruments creating or acknowledging indebtedness (referred to in the Glossary as debentures and alternative debentures).9

5.

Government and public securities.

6.

Instruments giving entitlement to investments (referred to in the Glossary as warrants).

7.

Certificates representing certain securities.

8.

Units in a collective investment scheme.

9.

Rights under a stakeholder pension scheme or a personal pension scheme2.

10.

Options.

11.

Futures.

12.

Contracts for differences etc.

13.

Lloyd's syndicate capacity and syndicate membership.

14.

Funeral plan contracts

15.

Agreements for qualifying credit

316.

Rights under a home reversion plan.

317.

Rights under a home purchase plan.

717A.

Rights under a regulated sale and rent back agreement 10

1017B.

Rights under a relevant credit agreement (including rights under a paragraph 4C agreement)

1017C.

Rights under a consumer hire agreement

18.3

3

Rights to or interests in anything falling under 1 to 143 above.

3
MIPRU 4.4.8RRP
  1. (1)

    This rule applies to a firm which:

    1. (a)

      carries on:

      1. (i)

        insurance mediation activity; or

      2. (ii)

        home finance mediation activity1(or both); and

        1
    1. (b)

      in relation to those activities, holds client money or other client assets;

but is not carrying on home financing1orhome finance administration1.

1111
  1. (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:

    2. four times (a - b - c);

    where:

    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

    =

    the firm's redeemable preference shares; and

    c

    =

    the amount of its intangible assets (but not goodwill until 14 January 2008 - see transitional provision 1).
CONC 5.2.3GRP
The extent and scope of the creditworthiness assessment or the assessment required by CONC 5.2.2R (1), in a given case, should be dependent upon and proportionate to factors which may include one or more of the following:(1) the type of credit; (2) the amount of the credit;(3) the cost of the credit;(4) the financial position of the customer at the time of seeking the credit;(5) the customer's credit history, including any indications that the customer is experiencing or has experienced
CONC 3.6.1RRP
This section applies:(1) to a financial promotion in relation to consumer credit lending in relation to regulated credit agreements secured on land; and(2) to a financial promotion in relation to credit broking in relation to regulated credit agreements secured on land; and in both cases other than financial promotions to the extent that they relate to qualifying credit.
PERG 7.3.1AGRP
Under article 53A of the Regulated Activities Order (Advising on regulated mortgage contracts), advising a person is a specified kind of activity if:(1) the advice is given to the person in his capacity as a borrower or potential borrower; and(2) it is advice on the merits of his doing any of the following:(a) entering into a particular regulated mortgage contract; or(b) varying the terms of a regulated mortgage contract entered into by him after mortgage day in such a way as
MCOB 2.7.4RRP
During the course of a distance contract with a consumer4, the making or performance of which constitutes or is part of a regulated mortgage contract, home purchase plan or regulated sale and rent back agreement:54353(1) the firm must, at the consumer's4 request, provide a paper copy of the contractual terms and conditions of the regulated mortgage contract, home purchase plan,3regulated sale and rent back agreement5 or services being provided by the firm; and 43(2) the firm
MCOB 4.9.4GRP
(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 any initial disclosure document2 or sections 5 and 8 of any combined initial disclosure document2.22(2) MCOB 1.2.7 R also means that a firm mustamend any initial disclosure document2 so that the final sentence of prescribed text in section 4 states: 'You will receive an illustration which will tell you about