Related provisions for MCOB 9.8.6

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MCOB 2.1.3RRP
This chapter applies in relation to:(1) home finance activities;11(1A) to4 the extent specified in MCOB 2.1.2 R, regulated sale and rent back activity;34(2) those activities in MCOB 12 and MCOB 13 that are carried on after a regulated mortgage contract or home purchase plan1 has come to an end following the sale of a repossessed property, and those activities in MCOB 12 that are carried on after a home reversion plan has ended for any reason1; and(3) the communication or approval
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

    in relation to those activities, holds client money or other client assets; or5

    1. (b)

      carries on home financing or home finance administration connected to regulated mortgage contracts (or both) unless as at 26 April 2014 its Part IV permission was and continues to remain subject to a restriction preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts.5

      5
11115
  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).
MCOB 10A.3.1RRP
(1) If an MCD regulated mortgage contract gives the consumerfreedom of drawdown, the total amount of credit must be deemed to be drawn down immediately and in full.(2) If an MCD regulated mortgage contract provides different ways of drawdown with different charges or borrowing rates, the total amount of credit must be deemed to be drawn down at the highest charge and borrowing rate applied to the most common drawdown mechanism for that type of MCD regulated mortgage contract.(3)
MCOB 3A.5.1RRP
(1) 1When communicating or approving a financial promotion concerning an MCD regulated mortgage contract which indicates an interest rate or any figures relating to the cost of the credit to the consumer, a firm must ensure that the financial promotion includes standard information which specifies in a clear, concise and prominent way:(a) the identity of the MCD creditor or, where applicable, the MCD mortgage credit intermediary2 or appointed representative;(b) where applicable,
MCOB 13.4.1RRP
If a customer falls into arrears on a regulated mortgage contract, a firm must as soon as possible, and in any event within 15 business days of becoming aware of that fact, provide the customer with the following in a durable medium:(1) the current Money Advice Service information sheet “Problems paying your mortgage”;33(2) a list of the due payments either missed or only paid in part;(3) the total sum of the payment shortfall4;4(4) the charges incurred as a result of the payment
CONC 3.7.2ARRP
2CONC 3.7.5 R to CONC 3.7.8 G:(1) apply to a financial promotion or a communication with a customer in relation to credit broking whether or not it is in relation to a regulated credit agreement; but(2) do not apply to a financial promotion or a communication with a customer which clearly indicates that it is made solely in respect of credit broking in relation to a credit agreement secured by a legal or equitable mortgage on land.
TC 2.1.5FGRP
19Where an employee, carrying on an activity in relation to a regulated mortgage contract, has attained the appropriate qualification required by TC Appendix 1, a firm may for the purposes of TC 2.1.5B R assess that employee as having knowledge and competence. Additionally, firms will need to meet any other requirements in this or other sourcebooks that are applicable, taking into account the employee’s role and responsibilities.21
PERG 4.2.3GRP
A person who is concerned to know whether his proposed activities may require authorisation will need to consider the following questions (these questions are a summary of the issues to be considered and have been reproduced, in slightly fuller form, in the flowchart in PERG 4.18):(1) will I be carrying on my activities by way of business (see PERG 4.3.3 G (The business test))?(2) if so, will my activities relate to regulated mortgage contracts (see PERG 4.4 (What is a regulated
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
TC App 1.1.1RRP

1Activity

Products/Sectors

Is there an appropriate qualification4requirement?

4

Designated investment business carried on for a retail client

Providing basic advice

1.

Stakeholder products excluding a deposit-based stakeholder product

No

Advising or giving personal recommendations (as relevant)13

2.

Giving personal recommendations on securities13 which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

3.

Giving personal recommendations on derivatives13

Yes2

4.

Giving personal recommendations on retail investment products13 which are not broker funds

66

Yes2

5.

Giving personal recommendations on13Friendly Societylife policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales

No2

6.

Giving personal recommendations on13Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5

Yes2

7.

Giving personal recommendations on long-term care insurance contracts13

Yes2

8.

Giving personal recommendations on investments13 in the course of corporate finance business

Yes2

9.

Advising on syndicate participation at Lloyd's

Yes2

129A.

Advising on P2P agreements

Yes

Undertaking the activity in column 2

10.

Broker fund adviser

Yes

11.

Pension transfer specialist

Yes2

Giving personal recommendations13 and dealing

12.

Giving personal recommendations on and dealing in securities13 which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

13.

Giving personal recommendations on and dealing in derivatives13

Yes2

4Dealing

13A.8

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

No

413B.8

Derivatives

No

8MiFID business bidding

13C.

Emissions auction products that are financial instruments

No

Managing

14.

Investments

Yes

Overseeing on a day-to-day basis

15.

Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme

Yes

16.

Safeguarding and administering investments or holding client money

Yes2

17.

Administrative functions in relation to managing investments

Yes2

18.

Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies

Yes2

19.

Administrative functions in relation to the operation of stakeholder pension schemes

Yes2

Mortgage Activity10 and reversion activity carried on for a customer

10

910Advising; arranging (bringing about) an execution-only sale, excluding variations to an existing home finance transaction except where the effect is to change all or part of the home finance transaction from one interest rate to another.

See Note 3, which for the avoidance of doubt forms part of this rule.

20

Regulated mortgage contracts for a non-business purpose

Yes

20A

Regulated mortgage contracts for a business purpose

No

21

Equity release transactions

Yes

9Designing scripted questions for execution-only sales

21A

Regulated mortgage contracts for a non-business purpose

Yes

21B

Regulated mortgage contracts for a business purpose

No

22

Equity release transactions

Yes

Overseeing execution-only sales on a day-to-day basis9

9

23.

Equity release transactions

Yes

11MCD credit agreement activities carried on for consumers

11manufacturing

23A

an MCD credit agreement

No

11entering into a regulated mortgage contract or entering into a regulated credit agreement as lender

23B

an MCD credit agreement

No

11arranging (bringing about) regulated mortgage contracts or acting as an MCD credit broker

23C

an MCD credit agreement

No

11advising on a regulated mortgage contract or advising on a regulated credit agreement for the acquisition of land

23D

an MCD credit agreement

No

11directly managing or supervising employees who carry on any of the MCD credit agreement activities 23A to 23D

23E

an MCD credit agreement

No

[Note: article 9(1) of the MCD]11

Non-investment insurance business carried on for a consumer

Giving personal recommendations13

24.

Giving personal recommendations on non-investment insurance contracts13

No

3Regulated sale and rent back activity carried on for a customer

Advising

25.

Regulated sale and rent back agreements

No

Overseeing an execution-only sale10 on a day-to-day basis

10

26.

Regulated sale and rent back agreements

No

Notes:

1.

In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.

2.

Thus, for example, paragraph 24,13 consistent with the heading above it, refers only to personal recommendations given in relation to13non-investment insurance contracts given to a consumer.10

33

122A.

In relation to activity number 9A, see TC 2.1.5HR and TC 2.1.6R(2). There is no qualification for this activity in the list of qualifications set out in TC Appendix 4E. However, the effect of TC 2.1.5HR is that an employeeadvising on P2P agreements must be qualified to the same standard as if that employee were providing investment advice to retail clients on retail investment products.

103.

For the purpose of product numbers 20, 20A and 21 the activity of arranging (bringing about) referred to in the activity column:

(a) includes activity which would be arranging (bringing about) but for the exclusion in article 28A of the Regulated Activities Order; and

(b) does not include activities which taken on their own would not fall within the definition of that activity. For these purposes no account should be taken of the fact that for an activity to be a regulated activity it must be carried on by way of business (see PERG 4.3).

4.

In this Appendix, paragraphs 23A, 23B, 23C, 23D and 23E relate to the implementation of article 9(1) of the MCD. The specified activities do not, in and of themselves, attract a qualification requirement. However, where those activities overlap with those specified under the heading "mortgage activity and reversion activity carried on for a customer", qualification requirements may apply.
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.
MIPRU 4.3.7ARRP
2In the calculation of the capital resources of a firm that carries on any home finance administration activity, the annual income does not include annual income from:3(1) second charge regulated mortgage contracts; or3(2) legacy CCA mortgage contracts.3
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
PERG 4.12.3GRP
An appointed representative can carry on only those regulated activities which are specified in the Appointed Representatives Regulations. As respects regulated mortgage contracts, these are arranging (bringing about), making arrangements with a view to and advising on regulated mortgage contracts (as well as agreeing to do so).
MCOB 6.9.8RRP
As soon as a SRB agreement provider has provided the written pre-offer document at Stage One to a SRB agreement seller who is in arrears under his regulated mortgage contract or home purchase plan on the property to which the proposed regulated sale and rent back agreement relates, it must, in a durable medium, immediately notify the mortgage lender, home purchase provider or the providers of other loans that may be secured on the property:(1) explaining that the firm is proposing
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 2A.1.5GRP
The remuneration policies of MCD mortgage lenders and MCD mortgage credit intermediaries, including those that take account of sales volumes, should not be designed in a way that would incentivise their members of staff to conclude a given number or type of MCD regulated mortgage contracts.
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 3A.2.4RRP
(1) A firmcommunicating or approving a non-real time financial promotion of qualifying credit other than in (2), for a home reversion plan or a regulated sale and rent back agreement must be able to show that it has taken reasonable steps to ensure that the non-real time financial promotion is fair, clear and not misleading. (2) A firmcommunicating a financial promotion, or approving a non-real time financial promotion in relation to an MCD regulated mortgage contract must ensure