Related provisions for PERG 4.4.6

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CONC 4.8.5GRP
Merely offering a customer more credit than the customer requested would not amount to the behaviour in CONC 4.8.4 R where:(1) the offer of the higher amount was based on a proper creditworthiness assessment or assessment required by CONC 5.2.2R (1); or(2) the firm offers more advantageous terms, conditions or prices to customers for larger loans, provided that such offers are sufficiently transparent and a proper creditworthiness assessment or assessment required by CONC 5.2.2R
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 4.7A.15RRP
When a firmadvises a customer in relation to entering into a regulated mortgage contract where the main purpose for doing so is the consolidation of existing debts by the customer, in addition to the factors at MCOB 4.7A.6 R, it must also take account of the following, where relevant, in assessing whether the regulated mortgage contract is suitable for the customer:(1) the costs associated with increasing the period over which a debt is to be repaid;(2) whether it is appropriate
MCOB 4.7A.25RRP
(1) A firm must make and retain a record:(a) of the customer information, including that relating to the customer's needs and circumstances, that it has obtained for the purposes of MCOB 4.7A;(b) that explains why the firm has concluded that any advice given to a customer complies with MCOB 4.7A.2 R and satisfies the suitability requirement in MCOB 4.7A.5R (1); and(c) of the customer's positive choice in MCOB 4.6A.2 R (Rolling up of fees or charges into loan) where applicable(2)
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 2.3.12GRP
(1) The FCA will assess each risk factor separately and then assess any inter-dependencies and correlations to form a judgment on the quality of the asset pool as a whole. For example, an asset pool which is of high credit quality and so low risk due to a combination of factors such as owner occupation, low income multiples, full valuation methodologies, and a strong payments track record, may permit another factor such as high loan-to-value ratios, that would otherwise be considered
FEES 6.3.2AGRP
8The FSCS will usually levy once in each financial year (and in respect of compensation costs, for expenditure expected in the period of 12 months or, if greater, one third of the expenditure expected in the period of 36 months8following 1 July in that year). However, if the compensation costs or specific costs incurred, or expected to be incurred, exceed the amounts held, or reasonably expected to be held, to meet those costs, the FSCS may, at any time during the financial year,
FEES 6.3.17RRP
(1) The FSCS may use any money held to the credit of one class2(the creditor class)2 to pay compensation costs or specific costs attributable 8or allocated by way of levy8 to 2another class2(the debtor class)2 if the FSCS has reasonable grounds to believe that this would be more economical than borrowing funds from a third party or raising a levy.228822(2) Where the FSCS acts in accordance with (1), it must ensure that:(a) the creditor class2 is reimbursed by the debtor class2
PERG 4.10B.26GRP
The regime is only relevant to credit secured on residential property. If a loan to a buy-to-let borrower is secured on commercial property, the loan is not a residential mortgage contract and this chapter does not apply.
PERG 4.10B.27GRP
The Part 3 regime is only relevant to consumer borrowers. Non-consumer borrowers fall outside Part 3. Many will be excluded from regulated mortgage activities altogether by the exclusions for loans to business borrowers in PERG 4.4.17G to PERG 4.4.21G.
IFPRU 4.11.7GRP
The FCA expects that an IPRE rating system will only be compliant if a firm is able to demonstrate the following in respect of its treatment of refinance risk:(1) refinance risk is included as a relevant risk driver (unless the portfolio contains only amortising loans);(2) the model rates interest only and amortising deals differently in the final year and that the magnitude of the difference in these ratings is intuitive;(3) given the time horizon associated with IRB estimates
IFPRU 4.11.18GRP
The FCA also expects that a firm will be compliant with the validation requirements only where1it can demonstrate that:11(1) appropriate stability metrics should be considered across a range of economic environments (ie, longest period possible including most recent data);(2) the tolerances for the degree of divergence, and associated actions for what should happen when they are not met, is pre-defined; and(3) subsections of portfolios by characteristics affecting risk profile,
IFPRU 11.5.5GRP
An RRD group financial support agreement may allow for financial support: (1) in the form of:(a) a loan;(b) a guarantee;(c) the use of assets as collateral; or(d) any combination of those forms; and(2) in one or more transactions, including between the beneficiary of the support and a third party.[Note: article 19(5)(b) of RRD]
IFPRU 11.5.14RRP
A firm or qualifying parent undertaking must not give financial support using an RRD group financial support agreement unless it is satisfied that:(1) there is a reasonable prospect that giving the support will significantly redress the financial difficulties of the group member receiving the support;(2) the support has the objective of preserving or restoring the financial stability of:(a) the group as a whole; or(b) any members of the group;(3) the support is in the interests
PERG 8.17.3GRP
An agreement for qualifying credit includes the following types of loan in addition to those that would be a regulated mortgage contract, but in each case only if the lender carries on the regulated activity of entering into regulated mortgage contracts:(1) [deleted]66(2) secured loans for buy-to-let or other purely investment purposes;(3) loans secured on land situated outside the United Kingdom;(4) loans that include some unsecured credit such as a flexible mortgage that includes
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
SUP 16.12.18BRRP

The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

46Description of data item

Data item (note 1)

Frequency

Submission deadline

Balance Sheet

Sections A.1 and A.2 MLAR

Quarterly

20 business days

Income Statement

Sections B.0 and B.1 MLAR

Quarterly

20 business days

Capital Adequacy (note 4)58

Section C MLAR

Quarterly

20 business days

Lending - Business flow and rates

Section D MLAR

Quarterly

20 business days

Residential Lending to individuals - New business profile

Section E MLAR

Quarterly

20 business days

Lending - arrears analysis

Section F MLAR

Quarterly

20 business days

Mortgage Administration - Business Profile

Section G MLAR

Quarterly

20 business days

Mortgage Administration - Arrears analysis

Section H MLAR

Quarterly

20 business days

Analysis of loans to customers

Section A3 MLAR

Quarterly

20 business days

Provisions analysis

Section B2 MLAR

Quarterly

20 business days

Fees and Levies

Section J MLAR

Annually

30 business days

Sale and rent back

Section K MLAR

Annually

30 business days

Credit Risk (notes 2 and 4)58

58

Section L MLAR

Quarterly

20 business days

Liquidity (notes 3 and 4)58

58

Section M MLAR

Quarterly

20 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 19A. Guidance notes for the completion of the data items are set out in SUP 16 Annex 19B.

Note 2

Only applicable to a firm that has one or more exposures that satisfy the conditions set out in MIPRU 4.2A.4 R, and:

- has permission to carry on any home financing which is connected to regulated mortgage contracts; or

- has permission to carry on home financing and home finance administration which is connected to regulated mortgage contracts (and no other activity); or

- has permission to carry on home finance administration which is connected to regulated mortgage contracts and has all or part of the home finance transactions that it administers on its balance sheet.

Note 3

Only applicable to a firm that:64

– is subject to MIPRU 4.2D;64

– 64has no restriction to its Part 4A permission preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts; and

- has permission to carry on any home financing or home finance administration connected to regulated mortgage contracts.

Note 4

Not applicable if the firm exclusively carries on home finance administration or home finance providing activities in relation to second charge regulated mortgage contracts or legacy CCA mortgage contracts (or both)66.
SUP 16.12.18CRRP

58Additional applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below for a firm carrying on home finance administration or home finance providing activities in relation to second charge regulated mortgage contracts. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item

Data item (note 1)

Frequency

Submission deadline

Analysis of second charge loans to customers

Section A4 64MLAR

Quarterly

20 business days

Second charge business flow and rates

Section D1 64MLAR

Quarterly

20 business days

Second charge lending to individuals

Section E1 64MLAR

Quarterly

20 business days

Second charge lending - arrears analysis

Section F1 MLAR64

Quarterly

20 business days

Second charge mortgage administration - arrears analysis

Section H1 MLAR64

Quarterly

20 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 19AA R. Guidance notes for the completion of the data items are set out in SUP 16 Annex 19B.
COLL 4.5.11RRP
(1) The depositary must make an annual report to unitholders which must be included in the annual report.(2) The annual report must contain:(a) a description, which may be in summary form, of the duties of the depositary under COLL 6.6.4 (General duties of the depositary) and in respect of the safekeeping of the scheme property; and(b) a statement whether, in any material respect:(i) the issue, sale, redemption and cancellation, and calculation of the price of the units and the
MCOB 11.6.11GRP
(1) Examples of committed expenditure are: credit commitments such as secured and unsecured3 loans and credit cards; hire purchase agreements; child maintenance; alimony; and the cost of a repayment strategy where the customer has an interest-only mortgage (where affordability has not been assessed on a capital and interest basis: see MCOB 11.6.48 R (Assessing affordability under an interest-only mortgage)).(2) Examples of basic quality-of-living costs (which can be reduced, but
MCOB 11.6.15GRP
(1) Examples of future changes to income and expenditure in MCOB 11.6.14 R are: reductions in income that may come about following the customer's retirement; where it is known that the customer is being made redundant; or where the firm is aware of another loan commitment that will become due during the term of the regulated mortgage contract or home purchase plan, such as an equity loan to assist in property purchase.(2) If the term of a regulated mortgage contract or home purchase
PERG 8.14.40AEAGRP
9Article 72F exempts any financial promotion which is made to an employee by or on behalf of a person in relation to an exempt staff loan. An exempt staff loan is defined as a credit agreement which is:(1) offered by a lender to a borrower as an incident of employment with the lender, or with an undertaking in the same group as the lender11; and(2) an exempt agreement under a provision of article 60G (exempt agreements: exemptions relating to the total charge for credit) of the
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
COLL 8.3.5DRRP
(1) The depositary must make an annual report to unitholders which must be included in the annual report.(2) The depositary's report must contain:(a) a description, which may be in summary form, of the duties of the depositary under COLL 8.5.4 R (Duties of the depositary) and in respect of the safekeeping of the scheme property; and(b) a statement whether in any material respect:(i) the issue, sale, redemption and cancellation and calculation of the price of the units and the
COLL 8.4.3RRP
(1) The scheme property of a qualified investor scheme may, subject to the rules in this chapter, comprise any assets or investments to which it is dedicated.(2) The instrument constituting the fund10 and the prospectus may further restrict:10(a) the kinds of assets in which the scheme property may be invested;(b) the types of transactions permitted and any relevant limits; and(c) the borrowing powers of the scheme.
CONC 3.10.3GRP
2Firms are reminded that:(1) section 49 of the CCA makes it a criminal offence to canvass borrower-lender agreements, for example cash loans, off trade premises (within the meaning of section 48 of the CCA); and(2) section 154 of the CCA makes it a criminal offence to canvass off trade premises credit broking of a kind specified by article 36A(1)(a) to (c) of the Regulated Activities Order, debt adjusting, debt counselling or providing credit information services (within the meaning
IFPRU 4.6.8GRP
Accordingly, the FCA expects a firm using a variable scalar approach should adopt a PD that is the long-run default rate expected over a representative mix of good and bad economic periods, assuming that the current lending conditions including borrower mix and attitudes and the firm's lending policies remain unchanged. If the relevant lending conditions or policies change, then the FCA would expect the long-run default rate to change (see article 180(1)(a), (b) and (2)(a) of
PERG 4.5.15GRP
In the FCA's view, details of fees or commission referred to in PERG 4.5.14G (2) 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 for the introducer to
PERG 4.10.10GRP
1There are exclusions that apply, in relation to each of the regulated mortgage activities and to advising on regulated credit agreements for the acquisition of land,6 if the person carrying on the activity is a local authority or a wholly owned subsidiary of a local authority. They can be found in article 72G of the Regulated Activities Order, but only apply where:63(a) the relevant agreement was entered into before 21 March 2016; or6(b) the relevant agreement is entered into