Related provisions for SUP 8A.1.3
41 - 60 of 74 items.
Under the sub-heading 'Credit card', the illustration must:(1) state if a credit card is offered with the regulated mortgage contract; and(2) if a credit card is offered and it is a mortgage credit card:(a) unless (b) applies, include the following text:'This card will not give you a number of the statutory rights associated with traditional credit cards. Your mortgage offer will tell you more about the differences.'; or(b) where the mortgage lender provides the customer with
(1) Where additional features are included in accordance with MCOB 5.6.92 R and these are credit facilities that do not meet the definition of a regulated mortgage contract or a regulated credit agreement10, the relevant parts of Section 12 of the illustration must include the following text:'This additional feature is not regulated by the FCA'.1(2) Where additional features are included in accordance with MCOB 5.6.92 R and these are credit facilities that meet the definition
(1) 3If a customer is in default or in arrears difficulties, the firm should, where appropriate:(a) inform the customer that free and impartial debt advice is available from not-for-profit debt advice bodies; and(b) refer the customer to a not-for-profit debt advice body. (2) A firm may refer the customer to a not-for-profit debt advice body by, for example, providing the customer with a copy of the current arrears information sheet under section 86 of the CCA, or with the name
(1) A firm must disclose to the customer the fee, if any, payable by a customer to the firm for its services. [Note: section 160A(4) of CCA] (2) Any fee to be paid by the customer to the firm must be agreed between the customer and the firm, and that agreement must be recorded in writing or other durable medium before a regulated credit agreement is entered into.[Note: section 160A(4) of CCA] (3) A firm must disclose to the lender the fee, if any, for its activity payable by the
Examples of where a firm is likely to contravene CONC 7.11.6 R include where a firm or a person acting on its behalf:(1) states or implies that bankruptcy or sequestration proceedings may be initiated when the balance of the outstanding debt is too low to qualify for such proceedings;(2) states or implies that steps will be taken to enforce a debt where the customer is making payments under a Debt Payment Programme Arrangement agreed under the Debt Arrangement and Attachment (Scotland)
2Prior to 21 March 2016, the definition of ‘regulated mortgage contract’ in article 61(3)(a) of the Regulated Activities Order was limited to mortgage contracts secured by a first legal mortgage (but not a second charge mortgage or an equitable mortgage) of land in the United Kingdom (rather than land in the EEA), and the regulated activity of administering a regulated mortgage contract was limited to mortgage contracts entered into on or after 31 October 2004, being the date
The firm (or, where applicable, a successor) must as soon as reasonably practicable, and no later than 29 November 2017, send a written communication to the complainant which:(1) informs the complainant that, despite having already made a complaint in relation to the sale of a payment protection contract, they can make a further complaint against the CCA lender in relation to a failure to disclose commission;(2) makes clear the identity of the CCA lender, where this is known to
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
The purpose of CONC is to set out the detailed obligations that are specific to credit-related regulated activities and activities connected to those activities carried on by firms. These build on and add to the high-level obligations, for example, in PRIN, GEN and SYSC, and the requirements in or under the CCA.
The effect of article 29 of the MCD Order is that various provisions of, or made under, the CCA continue to apply to “consumer credit back book mortgage contracts” (as defined in article 2 of the MCD Order). These include the5Consumer Credit (Early Settlement) Regulations 2004, which5 continue to apply to a second charge regulated mortgage contract entered into before 21 March 2016 and to a legacy CCA mortgage contract5.4
A firm must, in a financial promotion or a document which is intended for individuals which relates to its credit broking, indicate the extent of its powers and in particular whether it works exclusively with one or more lenders or works independently. [Note: section 160A(3) of CCA][Note: article 21(a) of the Consumer Credit Directive]
A financial promotion must not be communicated where it indicates a firm is willing to provide credit under a regulated restricted-use credit agreement relating to goods or services to be supplied by any person, when at the time the financial promotion is communicated, the firm or any supplier under such an agreement does not hold itself out as prepared to sell the goodsor provide the services (as the case may be) for cash. [Note: section 45 of CCA]
A financial promotion must not be communicated where it indicates a firm is willing to provide credit under a regulated restricted-use credit agreement secured on land relating to goods or services to be supplied by any person, when at the time the financial promotion is communicated, the firm or any supplier under such an agreement does not hold itself out as prepared to sell the goods or provide the services (as the case may be) for cash.[Note: section 45 of CCA]
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
(1) A firm must suspend any steps it takes or its agent takes in the recovery of a debt from a customer where the customer disputes the debt on valid grounds or what may be valid grounds.[Note: paragraph 3.9k of DCG](2) Paragraph (1) does not apply where a customer under a green deal consumer credit agreement (within the meaning of section 189B of the CCA) alleges that the disclosure and acknowledgement provisions in Part 7 of the Green Deal Framework (Disclosure, Acknowledgement,
(1) 4The exemption in paragraph 55 of the Schedule to the Exemption Order covers special purpose vehicles and other entities which are part of a structured finance transaction and which meet the specified conditions. It confers exemption from the general prohibition on a person (“P”) for the regulated activity of exercising, or having the right to exercise. the lender’s rights and duties under a regulated credit agreement (and associated regulated activities) where there is an
To be an eligible complainant a person must also have a complaint which arises from matters relevant to one or more of the following relationships with the respondent:127(1) the complainant is (or was) a customer,629payment service user3
or electronic money holder629 of the respondent;(2) the complainant is (or was) a potential customer,629payment service user3
or electronic money holder629 of the respondent;(2A) the complainant is (or was) a payer in a payment transaction in
(1) A firm may provide credit card cheques only to a customer who has asked for them.[Note: section 51A(2) of CCA](2) A firm may provide credit card cheques only on a single occasion in respect of each request that is made.[Note: section 51A(3) of CCA](3) The number of credit card cheques provided in respect of a request must not exceed three (or, if less, the number requested).[Note: section 51A(4) of CCA](4) Where a single request is made for the provision of credit card cheques