Related provisions for MCOB 9.4.121

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CASS 5.5.9RRP
A firm must not hold money other than client money in a client bank account unless it is:(1) a minimum sum required to open the account, or to keep it open; or(2) money temporarily in the account in accordance with CASS 5.5.16 R (Withdrawal of commission and mixed remittance); or(3) interest credited to the account which exceeds the amount due to clients as interest and has not yet been withdrawn by the firm.
CASS 5.5.16RRP
(1) A firm may draw down commission from the client bank account if:(a) it has received the premium from the client (or from a third party premium finance provider on the client's behalf);2 and(b) this is consistent with the firm'sterms of business which it maintains with the relevant client and 2the insurance undertaking to whom the premium will become2 payable;and the firm may draw down commission before payment of the premium to the insurance undertaking, provided that the conditions
CASS 5.5.17GRP
(1) As soon as commission becomes due to the firm (in accordance with CASS 5.5.16 R (1)) it must be treated as a remittance which must be withdrawn in accordance with CASS 5.5.16 R (2). 2The procedure required by CASS 5.5.16 R will also 2apply where moneyis 2due and payable 2to the firm in respect of fees due from clients (whether to the firm or other professionals).(2) Firms are reminded that money received in accordance with CASS 5.2 must not, except where a firm and an insurance
CASS 5.5.67RRP
The individual client balance for each client must be calculated as follows:(1) the amount paid by a client to the firm (to include all premiums); plus(2) the amount due to the client (to include all claims and premium refunds); plus(3) the amount of any interest or investment returns due to the client;(4) less the amount paid to insurance undertakings for the benefit of the client (to include all premiums and commission due to itself) (i.e. commissions that are due but have not
CASS 5.5.68RRP
A firm's client money (accruals) requirement is the sum of the following:(1) all insurance creditors shown in the firm's business ledgers as amounts due to insurance undertakings, clients and other persons; plus(2) unearned commission 2being the amount of commission 2shown as accrued (but not shown as due 2and payable) as at the date of the calculation (a prudent estimate must be used if the firm is unable to produce an exact figure at the date of the calculation).
MCOB 4.6A.1RRP
1A mortgage lender may not offer a regulated mortgage contract to a customer on the basis that fees or charges of any kind (receivable either by the mortgage lender or another party) are automatically added to the sum advanced.
MCOB 4.6A.2RRP
1A firm must not undertake any action that commits a customer to an application for a regulated mortgage contract where a fee or charge of any kind (receivable either by the firm or another party) is to be added to the sum advanced under the regulated mortgage contract, unless the customer has made a positive choice to add the fee or charge to the sum advanced.
DISP App 3.9.2GRP
In assessing redress, the firm should consider whether there are any other further losses that flow from its breach or failing that were reasonably foreseeable as a consequence of the firm's breach or failing, for example, where the payment protection contract's cost or rejected claims contributed to affordability issues for the associated loan or credit which led to arrears charges, default interest, penal interest rates or other penalties levied by the lender.
DISP App 3.9.3GRP
Where, for single premium policies, there were previous breaches or failings (see DISP App 3.2.7 G) the redress to the complainant should address the cumulative financial impact.
CONC 8.4.2RRP
A firm must include in its written contract (other than a credit agreement to which the Consumer Credit (Agreements) Regulations 2010 apply) the following matters:(1) the nature of the service to be provided by the firm, including the specific debt solution to be offered to the customer; [Note: paragraph 3.40b of DMG](2) the duration of the contract; [Note: paragraph 3.40c of DMG](3) the total cost of the firm's service or, where it is not possible to state the total cost, the
CONC 8.4.4GRP
A firm may be required to make a refund of its fees and charges, in whole or in part, if a firm fails to deliver its service in whole or in part or it has carried out the service without reasonable care and skill.
MCOB 10A.2.1GRP
The mathematical formula for calculating the APRC in MCOB 10A.2.2 R is a basic equation for establishing the APRC. This equates, on an annual basis, the total present value of drawdowns on the one hand and the total present value of repayments and payments of charges on the other.[Note: Annex I, Part I of the MCD]
MCOB 10A.2.2RRP
The equation referred to in MCOB 10A.2.1 G is:[Note: Annex I, Part I of the MCD]
CONC 7.7.3RRP
A firm must not cause a customer to believe that the customer is legally liable to pay the costs of recovery where no such obligation exists.[Note: paragraph 3.11a of DCG]
CONC 7.7.4GRP
Where a firm has a contractual right to levy default charges, a regulated credit agreement must state the charges and the conditions for making the charge under, as the case may be, the Consumer Credit (Agreements) Regulations 2010 (SI 2010/1014) or the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553).[Note: paragraphs 3.11c of DCG and 7.15 of ILG]
ICOBS 4.3.1RRP
(1) A firm must provide its customer with details of the amount of any fees other than premium monies for an insurance mediation activity.(2) The details must be given before the customer incurs liability to pay the fee, or before conclusion of the contract, whichever is earlier.(3) To the extent that an actual fee cannot be given, a firm must give the basis for calculation.
ICOBS 4.3.2GRP
The fee disclosure requirement extends to all such fees that may be charged during the life of a policy.
MCOB 2A.4.1RRP
(1) An MCD mortgage lender must give a consumer who enters into an MCD regulated mortgage contract the right to discharge fully or partially his obligations under that MCD regulated mortgage contract prior to its expiry.(2) If the consumer exercises the right in (1), the MCD mortgage lender must reduce the total cost of the credit to the consumer by an amount equal to the interest and costs for the remaining duration of the MCD regulated mortgage contract.[Note: article 25(1)
MCOB 2A.4.2RRP
MCOB 2A.4.1R (1) does not prevent an MCD mortgage lender from imposing an early repayment charge in accordance with MCOB 12.3.1 R.
CONC 7.4.1RRP
A firm must provide the customer or another person acting on behalf of the customer with information on the amount of any arrears and the balance owing.[Note: paragraph 3.3f of DCG]
CONC 7.4.2RRP
Where:(1) a customer offers a settlement payment lower than the total amount owing; or(2) a lender under a regulated credit agreement or an owner under a regulated consumer hire agreement decides to stop pursuing a customer in respect of a debt arising under the agreement;and the debt (or part of it) continues to exist notwithstanding the acceptance of the customer's offer or the decision to cease to pursue the debt, the lender or owner must ensure that the continuing existence
MCOB 9.5.2RRP

Table of modified cross-references to other rules:

This table belongs to MCOB 9.5.1 R.

Subject

Rule or guidance

Reference in rule or guidance

To be read as a reference to:

Application: What?

MCOB 6.1.5R

MCOB 6

MCOB 6 as modified by MCOB 9.5

Content of offer document

MCOB 6.1.6G

MCOB 5.6

MCOB 9.4

Purpose

MCOB 6.2.1G

MCOB 6

MCOB 6 as modified by MCOB 9.5

General

MCOB 6.3.2R

Records

MCOB 6.4.3R

Modifications to the illustration

MCOB 6.4.5G

MCOB 6.4.4R(5)(b)

MCOB 9.5.4R(6)(b)

Modifications to the illustration

MCOB 6.4.6R

MCOB 6.4.4(1)

MCOB 9.5.4R(1)

Modifications to the illustration

MCOB 6.4.6R(1) and (2)

MCOB 5.6

MCOB 9.4

Modifications to the illustration

MCOB 6.4.7R

MCOB 6.4.4R(1)

MCOB 9.5.4R(1)

Modifications to the illustration

MCOB 6.4.7R(2)

MCOB 5

MCOB 9

Modifications to the illustration

MCOB 6.4.7R(3)

MCOB 5.6.73R to MCOB 5.6.83G

MCOB 9.4.72R to MCOB 9.4.82G

Modifications to the illustration

MCOB 6.4.7R(3)

MCOB 5.6.92R to MCOB 5.6.112G

MCOB 9.4.91R to MCOB 9.4.110R

Other information contained in the offer document

MCOB 6.4.13R

MCOB 5.6.122R

MCOB 9.4.126R

Offer documents in place of illustrations

MCOB 6.6.1R

MCOB 5.4 and MCOB 5.5

MCOB 5.4 and MCOB 5.5 as modified by MCOB 9

MCOB 9.5.3RRP

Table of rules in MCOB 6 replaced by rules in MCOB 9:

This table belongs to MCOB 9.5.1 R

Subject

Rule

Rule replaced by

Modifications to the illustration

MCOB 6.4.4R

MCOB 9.5.4R

MCOB 9.5.4RRP
The illustration provided as part of the offer document in accordance with MCOB 6.4.1 R(1) must meet the requirements of MCOB 9.4, 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, for a lifetime mortgage3 the interest rate, charges, the exchange rate or the APR required by MCOB 10 (Annual Percentage Rate) at the date the illustration
CONC 6.8.3GRP
(1) Under section 155 of the CCA an individual has a right to a refund of the firm's fee (less £5) (or for that fee not to be payable) where, following an introduction to a source of credit or of bailment (or in Scotland of hire), the individual has not entered into an agreement to which section 155 applies within six months of an introduction. [Note: paragraph 6.1 of CBG](2) It is immaterial for the purposes of section 155 of the CCA why no agreement has been entered into (for
CONC 6.8.4RRP
Where section 155 of the CCA applies, a firm must respond promptly4 to a request for a refund; this includes making payment of the refund promptly if a refund is payable4.[Note: paragraph 6.17 of CBG]
CONC 6.8.5GRP
(1) An individual does not need to refer to the right under section 155 of the CCA in order to be entitled to a refund.(2) A firm should respond promptly to a request for a refund. Firms are reminded of the rule in CONC 11.1.12R to return sums without undue delay, and within 30 calendar days, on cancellation of a distance contract.4(3) In circumstances where individuals request refunds and the firm knows, or ought to know, that agreements to which section 155 applies would not
MCOB 4.11.1RRP
(1) 1A regulated sale and rent back firm, must make the following disclosures to a customer; both orally and in writing; during the initial contact2:2(a) the service the firm is offering the customer, making it clear whether the firm will be acting as a SRB agreement provider, a SRB adviser or a SRB arranger and the particular regulated sale and rent back activities for which the firm has a Part 4A permission;(b) if the firm is acting as an intermediary, whether it deals with
MCOB 4.11.4ERP
(1) In assessing whether a customer can afford to enter into a particular regulated sale and rent back agreement, a firm should use the following information:(a) the rental payments that will be due under the tenancy agreement which confers the right of the customer (or trust beneficiary or related party) to continue residing in the property, stress tested to take account of possible future rental increases during the fixed term of the tenancy agreement by reference to the circumstances
MCOB 4.11.10GRP
The effect of MCOB 4.11.9R is that a SRB agreement provider is expected to advise2 in relation to a particular regulated sale and rent back agreement, unless it is reasonable for it to rely on another firm with permission to advise on regulated sale and rent back agreements,2 to have done so in relation to a particular transaction.2
MCOB 6A.3.9RRP
A firm must ensure that the offer document contains a prominent statement explaining:(1) the period for which the offer is valid;(2) where the MCD regulated mortgage contract contains features, such as additional unsecured borrowing facilities, which could result in the consumer borrowing more money that, where such features are used, the amount of the consumer's debt will increase;(3) when any interest rate change on the MCD regulated mortgage contract takes effect. This statement
MCOB 6A.3.17RRP
If the firm knows, at the point that the offer is made to the consumer, that its interest in the MCD regulated mortgage contract will be assigned (by sale or transfer) and the firm will no longer be responsible for setting interest rates and charges, the offer document must:(1) state this; and(2) state, where known, who will be responsible for setting interest rates and charges after the sale or transfer.
MCOB 6A.3.18RRP
Where MCOB 6A.3.17 R applies, if the name of the party who will be responsible for setting interest rates and charges after the sale or transfer is not known at the point the offer is made, the firm must notify the consumer of this as soon as it becomes known.
MAR 8.3.15GRP
To meet the financial resources requirement in MAR 8.3.13R (2), the FCA expects a benchmark administrator to hold both sufficient liquid financial assets and net capital to be able to cover the operating costs of administering the specified benchmark.11(1) net capital 1 can include common stock, retained earnings, disclosed reserves, other instruments generally classified as common equity tier one capital or additional tier one capital and may include interim earnings that have
MAR 8.3.21RRP
(1) 2Where a benchmark administrator charges a relevant user a fee for access to the specified benchmark, it must grant the relevant user access at a reasonable commercial price taking into account the price at which access is granted or the intellectual property rights are licensed to other relevant users or any related persons for the purposes of clearing and trading. (2) Different fees can be charged to different relevant users or related persons only where this is objectively
MAR 8.3.22GRP
2In assessing whether the terms of access to a specified benchmark are fair, reasonable and non-discriminatory, the factors the FCA may consider include:(1) the degree of competition and potential competition in the market for the supply of the specified benchmark;(2) whether the aggregate of the fees charged to users of the specified benchmark bears a reasonable relationship to the costs and risks of producing the specified benchmark, including a reasonable return on capital;
COLL 4.7.2RRP
(1) An authorised fund manager must, for each UCITS scheme which it manages, draw up a short document in English containing key investor information (a "key investor information document") for investors.(2) The words "key investor information" must be clearly stated in this document. (3) Key investor information must include appropriate information about the essential characteristics of the UCITS scheme which is to be provided to investors so that they are reasonably able to understand
COLL 4.7.8GRP
(1) Authorised fund managers are advised that CESR issued two separate guidelines regarding the methodology that should be used in calculating the synthetic risk and reward indicator and the ongoing charges figure, both of which must be disclosed in the key investor information document for each UCITS scheme which they manage.(2) In line with the KII Regulation, firms in producing their key investor information documents should take account of CESR's methodologies in calculating
DISP App 3.7.4ERP
Additionally, where a single premium was added to a loan:(1) for live policies:(a) subject to DISP App 3.7.5 E, where there remains an outstanding loan balance, the firm should, where possible, arrange for the loan to be restructured (without charge to the complainant but using any applicable cancellation value) with the effect of:(i) removing amounts relating to the payment protection contract (including any interest and charges); and(ii) ensuring the number and amounts of any
Where the firm presumes that the complainant would have purchased a regular premium payment protection contract and if the complainant expressly wishes it, the existing cover should continue until the end of the existing policy term. The complainant should pay the price of the alternative regular premium payment protection contract (at DISP App 3.7.13 E) and should be able to cancel at any time. This pricing does not apply where DISP App 3.7.4 E (1)(b) applies.
So that the complainant can make the decision on the continuation of cover from an informed position, the firm should:(1) offer to provide details of the existing payment protection contract;(2) inform the complainant that he may be able to find similar cover more cheaply from another provider in the event that he chooses to cancel the policy and take an alternative but remind the complainant that if his circumstances (for example, his health or employment prospects) have changed
COBS 6.1B.5RRP
Except as specified in COBS 6.1B.5A R,5 a firm must not offer or pay (and must ensure that none of its associates offers or pays) any commissions, remuneration or benefit of any kind to another firm, or to any other third party for the benefit of that firm, in relation to a personal recommendation (or any related services), except those that facilitate the payment of adviser charges from a retail client's investments in accordance with this section.
COBS 6.1B.5ARRP
5A firm and its associates may:(1) offer and pay a commission, remuneration or benefit of any kind in the circumstances set out in COBS 6.1B.5 R if:(a) the personal recommendation was made on or before 30 December 2012;(b) the offer and payment was permitted by the rules in force on 30 December 2012;(c) the contract under which the right to receive the commission, remuneration or benefit of any kind was entered into on or before 30 December 2012; (d) the terms of that contract
COBS 6.1B.5BGRP
8A firm may continue paying commission, remuneration or benefits of any kind to another firm in relation to a personal recommendation made by that other firm in circumstances where that other firm may accept that commission, remuneration or benefit of any kind (see COBS 6.1A.4A R and COBS 6.1A.4AA G).
CONC 7.17.3RRP
A firm must comply with this section where the following conditions are satisfied:(1) a borrower is required to have made at least two payments under the agreement before that time;(2) the total sum paid under the agreement by the borrower is less than the total sum required to have been paid before that time;(3) the amount of the shortfall is no less than the sum of the last two payments which the borrower is required to have made before that time;(4) the firm is not already
CONC 7.17.8RRP
Where the notice is given under CONC 7.17.4R (1) the notice must also state the amount of the shortfall under the agreement which gave rise to the duty to give the notice and the firm must:(1) within 15 working days of receiving the borrower's request for further information about the shortfall which gave rise to the duty to give the notice, give the borrower in relation to each of the sums which comprise the shortfall, notice of:(a) the amount of the sums due which comprise the
CONC 7.17.9RRP
Where the notice is given under CONC 7.17.4R (2) the notice must also contain the following information:(1) that part of the opening balance referred to in CONC 7.17.7R (5) which comprises any sum which the borrower has failed to pay in full when it became due under the agreement, whether or not such sums have been included in a previous notice;(2) the amount and date of any sums paid into the account by, or to the credit of, the borrower during the period to which the notice
COBS 11.6.3RRP
(1) Subject to (3), an3investment manager must not accept any good or service3in addition to the execution of its customer orders if it:33(a) executes its customer orders through a broker or another person;(b) passes on the broker's or other person'scharges to its customers; and(c) is offered that good or service3 in return for the charges referred to in (b).3(2) [deleted]3(3) 3The prohibition under (1) does not apply where:(a) the investment manager has reasonable grounds to
COBS 11.6.8AGRP
(1) 3An investment manager intending to pass on to its customers any charges under the exemption at COBS 11.6.3R (3) should have regard to its duties under the client's best interests rule. For example, this means that:(a) an investment manager should not pass on a charge to a customer under the exemption at COBS 11.6.3R (3) that is greater than the cost charged by the broker or relevant person specifically for the relevant good or service falling under COBS 11.6.3R (3); (b) if
COBS 11.6.20GRP
Firms are also reminded of the general record keeping requirements in SYSC 3.2 and SYSC 9 (as applicable). An investment manager should keep appropriate records of the basis on which it concludes that a particular good or service may be received under the exemption at COBS 11.6.3R (3) in return for the charges in COBS 11.6.3R (1)(b).
PERG 8.17.12GRP
Article 28B (Real time communications: introductions) exempts a real time financial promotion that relates to one or more of the controlled activities about regulated mortgage contracts, as well as home reversion plans, home purchase plans,4regulated sale and rent back agreements3, certain consumer hire agreements and relevant credit agreements4. The exemption is subject to the following conditions being satisfied:224(1) the financial promotion must be made for the purpose of,
PERG 8.17.14GRP
In the FCA's view, money payable to an introducer on his own account includes money legitimately due to him for services rendered to the borrower, whether in connection with the introduction or otherwise. It also includes sums payable in connection with transfer of property to an introducer (for example, a housebuilder) by a borrower. For example, article 28B allows a housebuilder to receive the purchase price on a property that he sells to a borrower, whom he previously introduced
PERG 8.17.15GRP
In the FCA's view, the provision of details of fees or commission referred to in PERG 8.17.12G (2)(b)(ii) does not require an introducer to provide an actual sum to the borrower, where it is not possible to calculate the full amount due prior to the introduction. This may arise in cases where the fee or commission is a percentage of the eventual loan taken out and the amount of the required loan is not known at the time of the introduction. In these cases, it would be sufficient