Related provisions for MCOB 7.6.6

21 - 40 of 101 items.

Search Term(s)

Filter by Topics

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To

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

CONC 4.4.4RRP
1CONC 4.4.3 R does not apply where:(1) the customer indicates to the firm that he wishes to enter into a credit agreement secured by a legal or equitable mortgage on land;(2) the firm makes it clear to the customer that it is willing to carry on credit broking for that customer only in relation to credit agreements secured by a legal or equitable mortgage on land; and(3) the firm does not indicate (by express words or otherwise) that it is willing to carry on credit broking for
CONC 4.4.5GRP
(1) 1CONC 4.4.3 R prohibits a firm from asking a customer for any payment details, including the card number and security code of a debit card or a credit card, or using those payment details, without first sending an information notice to the customer and receiving a customer confirmation. (2) CONC 4.4.3 R applies in respect of any sum due from a customer, however it is described and irrespective of whether it is payable to the firm or a third party (for example, a firm cannot
DISP App 1.6.8GRP
34The principles set out above (in DISP App 1.6.1 G to DISP App 1.6.7 G) should be applied directly to mortgage endowment complaints where the capital loss is calculated by comparing the surrender value of the endowment policy with the capital which would have been repaid using a repayment mortgage.
DISP App 1.6.9GRP
34In most cases where there is a loss, the endowment policy will be surrendered and put towards the cost of setting up a suitable repayment mortgage. Where this is the case, that part of the surrender value relating to the windfall augmentation should be paid as a cash lump sum to the investor or to the investor's order as part of the redress package. Only that part of the surrender value which does not relate to the windfall augmentation should be put towards the cost of setting
MCOB 4.1.5RRP
In relation to an equity release transaction,4 this chapter 4 is modified by MCOB 8 (Equity release4: advising and selling standards).244
MIPRU 4.2A.10RRP
To calculate risk weighted exposure amounts on exposures secured by mortgages on residential property, risk weights must be applied to all such exposures,unless deducted from capital resources calculated under MIPRU 4.4, in accordance with BIPRU 3.4.56 R to BIPRU 3.4.88 G.
MCOB 8.3.1AGRP
3The rules and guidance that are not relevant to home reversion plans are those related, for example, to interest rates, APR, higher lending charge, mortgage credit cards, multi-part mortgages and foreign currency mortgages.
MCOB 8.3.2CGRP
4In the light of MCOB 8.3.2B R, a firm may wish to consider using a sentence appropriate to the circumstances, along the following lines: •“We offer a comprehensive range of equity release products from across the market.” •“We sell home reversion plans only and not lifetime mortgages, though we will consider all home reversion plans available in the market.”
FEES 6.7.6RRP
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year4 of the compensation scheme:4(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised
PERG 8.14.40ADGRP
6Article 72D exempts any financial promotion made by an employer to an employee in relation to a staff mortgage. This is subject to certain requirements as follows:(1) where the provider of the staff mortgage is an undertaking in the same group as the employer, the employer must not receive or have received, any direct financial benefit (including any commission, discount, remuneration or reduction in premium) as a result of making the communication; and(2) where the communication
PERG 8.14.40AEGRP
6Article 72E exempts any financial promotion made to an employee by or on behalf of a person (“A”) in relation to a staff mortgage. This is subject to certain requirements as follows:(1) the employer and A must have entered into a written contract specifying the terms on which the communication may be made;(2) in the case of a communication made by a person (“B”) on behalf of A, A and B must also have entered into a written contract specifying the terms on which the communication
PERG 8.14.40AFGRP
6The exemptions described in PERG 8.14.40A G to PERG 8.14.40AEA G9 should enable employers (and their contracted service providers) to promote employee benefits packages that include any pension schemes, work-related insurance schemes,9staff mortgages and certain staff loans9 to employees without undue concern that they may be breaching the restriction in section 21 of the Act. PERG 8.14.34 G (Communications by employers and contracted service providers to employees) has further
MCOB 13.8.2GRP
A firm may want to refer to the provisions on the information to be provided to a mortgage customer in relation to arrears for guidance (see MCOB 13.4 and MCOB 13.5).RepossessionsNote: The rules regarding repossessions apply (see MCOB 13.6).
MCOB 10.2.1GRP
The purpose of this chapter is to establish the requirements for the proper calculation of the APR. As a cost measure which facilitates comparisons between similar mortgages offered on a similar basis, the APR is an integral element of the rules relating to financial promotions of qualifying credit1 and disclosure.1
GEN 4.4.1RRP
(1) If, in any communication:(a) made to:222(i) 2(in relation to a non-investment insurance contract) aconsumer4;4(ii) 2(in relation to a home finance transaction) a customer; or(iii) 2(in all other cases) a retail client3; and3(b) in connection with a regulated activity carried on from an establishment of the firm (or its appointed representative) that is not in the United Kingdom;the firm indicates that it is an authorised person, it must also, where relevant, and with equal
PERG 4.4.1GRP
Article 61(3)(a) of the Regulated Activities Order defines a regulated mortgage contract as a contract which, at the time it is entered into, satisfies the following conditions:(1) the contract is one where a lender provides credit to an individual or trustees (the 'borrower');(2) the contract provides for the obligation of the borrower to repay to be secured by a first legal mortgage on land (other than timeshare accommodation) in the United Kingdom; and(3) at least 40% of that
RCB 2.3.8GRP
(1) The credit risk of an asset is the risk of loss if another party fails to perform its obligations or fails to perform them in a timely fashion.(2) Where, for example, the asset pool includes residential mortgages the relevant factors which the FCA may consider include: (a) whether the asset pool contains (or could contain) loans made to individuals who have been made bankrupt or have had court judgments made against them;(b) the extent to which the asset pool contains (or
RCB 2.3.18GRP
(1) The FCA expects the report from the accountants to address at least the following matters:(a) that the level of over collateralisation meets the limits set out in the covered bond arrangements which are designed to ensure compliance with the requirement that the asset pool is capable of covering claims attaching to the bond in Regulation 17 (requirements on issuer in relation to the asset pool) of the RCB Regulations; and(b) that appropriate due diligence procedures (which
SUP 16.8.4RRP
1In this section, and in SUP 16 Annex 6R:9(1) '12 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-2, '24 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-3, and so on;(2) 'CC' means the number of life policies or stakeholder pensions which: (a) were effected during the period to which the calculation relates; and(b)
SUP 16.8.21RRP
1The firm must, if a persistency report reports on;(1) an endowment assurance with a term of five years or less:(a) [deleted]99(b) report on such a policy in the report in SUP 16 Annex 6R;99(2) a group personal pension policy, include the policy as a personal pension policy in the report in SUP 16 Annex 6R;99(3) a mortgage endowment, also include the policy as an endowment assurance in the report in SUP 16 Annex 6R;99(4) an income withdrawal, not include the policy under any other
MCOB 6.4.4RRP
The illustration provided as part of the offer document in accordance with MCOB 6.4.1 R (1) must meet the requirements of MCOB 5.6 (Content of illustrations) with the following modifications:(1) the illustration must be suitably adapted and revised to reflect the fact that the firm is making an offer to a customer and updated to reflect changes to, for example, the interest rate, charges, the exchange rate or the APR required by MCOB 10 (Annual Percentage Rate), at the date the
MCOB 6.4.6RRP
In adapting and revising the illustration that is part of the offer document in accordance with MCOB 6.4.4 R(1) a firm must:(1) avoid amending the format of the information required by MCOB 5.6 (Content of illustrations) where possible, since this could result in the illustration in the offer document being difficult to compare with the illustration originally provided to the customer in accordance with MCOB 5.5.1 R;(2) use, where possible, the same headings, ordering of information,
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)
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
CONC App 1.3.1RRP
(1) This section specifies:(a) the persons or classes of persons to whom the exemption in article 60E(2) of the Regulated Activities Order applies; and(b) the agreements or classes of agreement to which the exemption in article 60E(2) of the Regulated Activities Order applies. (2) Where the lender is a body specified in CONC App 1.3.2 R or an authorised person with permission to accept deposits, article 60E(2) of the Regulated Activities Order applies only to(a) a borrower-lender-supplier
CONC App 1.3.4RRP

BODIES CORPORATE NAMED OR SPECIFICALLY REFERRED TO IN AN ORDER MADE UNDER SECTION 156(4), 444(1) OR 447(2)(a) OF THE HOUSING ACT 1985

Abbey Life Executive Mortgages Limited

Abbey Life Funding Limited

Abbey Life Home Loans Limited

Abbey Life Home Services Limited

Abbey Life Mortgage Finance Limited

Abbey Life Mortgage Loans Limited

Abbey Life Mortgage Securities Limited

Abbey Life Residential Loans Limited

Albion Home Loans Limited

Alliance & Leicester Mortgage Loans Limited

Alliance & Leicester Mortgage Loans (No. 2) Limited

Alliance & Leicester Mortgage Loans (No. 3) Limited

Alliance & Leicester Mortgage Loans (No. 4) Limited

Bradford & Bingley Homeloans Limited

Bradford & Bingley Homeloans Management Limited

Bradford & Bingley Loans Limited

Bradford & Bingley Management Limited

Bradford & Bingley Mortgages Limited

Bradford & Bingley Mortgage Management Limited

Bradford & Bingley Secured Loans Limited

Bradford & Bingley Secured Loans Management Limited

Britannia Mortgage Company Number One Limited

Britannia Mortgage Company Number Two Limited

Chelsea Mortgage Services Limited

CIS Home Loans Limited

CIS Mortgage Finance Limited

CIS Mortgage Maker Limited

CIS Residential Mortgages Limited

CL Mortgages Limited

Darlington Mortgage Services Limited

Derbyshire Home Loans Limited

General Portfolio Finance Limited

Gracechurch Mortgage Finance (No. 2) PLC

Gracechurch Mortgage Finance (No. 3) PLC

Halifax Loans Limited

Halifax Loans (No. 2) Limited

Halifax Loans (No. 3) Limited

Halifax Loans (No. 4) Limited

HMC First Home National PLC

Home Loans Direct Limited

Home Loans Direct Funding PLC

Household Mortgage Corporation PLC

Ipswich Mortgage Services Limited

LBS Mortgages Limited

Leamington Mortgage Corporation Limited

Leeds & Holbeck Mortgage Corporation Limited

Leeds & Holbeck Mortgage Funding Limited

Legal and General Mortgage Services Limited

Lombard Home Loans Limited

London and Manchester (Mortgages) (No. 1) Limited

London and Manchester (Mortgages) (No. 2) Limited

London and Manchester (Mortgages) (No. 3) Limited

London and Manchester (Mortgages) (No. 4) Limited

London and Manchester (Mortgages) (No. 5) Limited

Market Harborough Mortgages Limited

The Mortgage Corporation Limited

The National Home Loans Corporation plc

National Mutual Home Loans plc

National Westminster Home Loans Limited

Newbury Mortgage Services Limited

Northern Rock Mortgage Services Limited

North Yorkshire Mortgages Limited

Norwich and Peterborough (LBS) Limited

Norwich Union Mortgage Finance Limited

Royal London Homebuy Limited

Saffron Walden Mortgage Services Limited

Secured Residential Funding PLC

Stroud and Swindon Mortgage Company Limited

Stroud and Swindon Mortgage Company (No. 2) Limited

Sun Life of Canada Home Loans Limited

Wesleyan Home Loans Limited

West Bromwich Mortgage Company Limited
MCOB 1.2.7RRP
In relation to a regulated mortgage contract for a business purpose or with a high net worth mortgage customer7, if a firm has opted for the tailored route, it must adopt the following modifications to the sourcebook:333(1) (except in relation to sections 5 and 8 of any combined initial disclosure document) substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;733337(2) substitute
MCOB 1.2.8GRP
(1) Firms are reminded of the requirement in MCOB 2.2.6 R that any communication should be clear, fair and not misleading when substituting an alternative for the term 'mortgage' in accordance with MCOB 1.2.7 R(1).(2) Possible alternatives to the term 'mortgage' include, for example, 'secured overdraft', 'secured loan' or 'secured business credit'.7