Related provisions for DISP App 1.2.2
61 - 80 of 115 items.
A subordinated debt must not form part of the capital resources of the firm unless it meets the following conditions: (1) (for a firm which carries on insurance distribution activity7 , home finance mediation activity1 (or both) but not home financing1or home finance administration1) it has an original maturity of:1111(a) at least two years; or(b) it is subject to two years' notice of repayment;(2) (for all other firms) it has an original maturity of:(a) at least five years; or(b)
(1) 6Paragraph (2) applies in relation to an individual who:(a) has provided, or is to provide, a guarantee or an indemnity (or both) in relation to a regulated credit agreement, a regulated consumer hire agreement or a P2P agreement; and (b) is not the borrower or the hirer.(2) If the individual is not a customer, they are to be treated as if they were a customer for the purposes of Principles 6 and 7.(3) For the purposes of this rule, a guarantee does not include a legal or
A person may be intending to carry on activities related to other forms of investment in connection with mortgages, such as advising on and arranging an endowment policy or ISA to repay an interest-only mortgage. Such a person should also consult the guidance in PERG 2 (Authorisation and regulated activities),2PERG 5 (Guidance on insurance distribution3 activities) and PERG 8 (Financial promotion and related activities). In addition, PERG 14 (Guidance on home reversion and home
(1) 4This rule applies if:(a) a firm is to enter into a regulated credit agreement; and(b) an individual other than the borrower (in this rule referred to as “the guarantor”) is to provide a guarantee or an indemnity (or both) in relation to the regulated credit agreement.(2) The firm must, before making the regulated credit agreement, provide the guarantor with an adequate explanation of the matters in (3) in order to place the guarantor in a position to make an informed decision
For a guarantee to be recognised the following conditions must also be met:(1) on the qualifying default of and/or non-payment by the counterparty, the lending firm must have the right to pursue, in a timely manner, the guarantor for any monies due under the claim in respect of which the protection is provided;(2) payment by the guarantor must not be subject to the lending firm first having to pursue the obligor;(3) in the case of unfunded credit protection covering residential
1A risks and features statement need not be personalised to the customer's circumstances but must:(1) include the Key facts logo in a prominent position at the top of the statement;(2) state that the FCA requires a firm to provide the statement;(3) state that mortgages are available and that the customer should think carefully about the product appropriate to his needs;(4) describe the significant features of the plan, including:(a) how the home purchase plan works;(b) the nature
(1) Where a financial promotion concerns a facility for which security is or may be required, the promotion must:(a) state that security is or may be required; and(b) specify the nature of the security.[Note: regulation 7(1) of CCAR 2004](2) Where, in the case of a financial promotion, the security comprises or may comprise a mortgage or charge on a property used by the customer as a dwelling (whether or not the customer’s primary residence)4:(a) except where (c) applies, the
The following provisions do not apply to an MCD article 3(1)(b) creditor or MCD article 3(1)(b) credit intermediary where the conditions in CONC 1.2.10R(1) and (2) are fulfilled: MCOB 7.5 (mortgages: statements) and MCOB 13 (arrears, payment shortfalls and repossessions) (except for MCOB 13.3.1AR to MCOB 13.3.1BG, MCOB 13.3.2AR to MCOB 13.3.8G, and MCOB 13.6.1R to MCOB 13.6.2G, which apply even where those conditions are fulfilled).[Note:article 60H(2) of the Regulated Activities
This appendix sets out the approach and standards which firms should use when investigating complaints relating to the sale of endowment policies for the purposes of achieving capital repayment of a mortgage. It is not intended to be comprehensive. It is primarily concerned with the assessment of whether the complainant may have suffered financial loss, and if so, how much that loss is, and therefore what amount a firm should consider offering by way of fair and appropriate compensation
The following limits apply in respect of immovables held as part of the scheme property:(1) the amount secured by mortgages over any immovable must not exceed 100% of the latest valuation by an appropriate valuer under COLL 8.4.11 R (2)(c) or COLL 8.4.11 R (2)(d) or COLL 8.4.13 R, as appropriate;(2) no option may be granted to a person to buy or obtain an interest in any immovable comprised in the scheme property if this might unduly prejudice the ability to provide redemption;
This table belongs to MCOB 8.1.1 R
(1) Category of firm |
(2) Applicable section |
| 4 | whole chapter except MCOB 8.5A5 and MCOB 8.74, MCOB 8.6A in accordance with MCOB 8.1.2A R5 |
| 4 | whole chapter MCOB 8.7 does not apply in relation to a lifetime mortgage4 5 |
| 4 | whole chapter except MCOB 8.5A.5MCOB 8.7 does not apply in relation to a lifetime mortgage4 5 |
A firm must ensure that advice provided to a customer, whether before the firm has entered into contract with the customer or after, is provided in a durable medium and: (1) makes clear which debts will be included in any debt solution and which debts will be excluded from any debt solution; [Note: paragraph 3.38j of DMG](2) makes clear the actual or potential advantages, disadvantages, costs and risks of each option available to the customer, with any conditions that apply for
Where it is known that a loan will be released in instalments, for example in the case of a self-build mortgage, the loan can involve a binding offer, ESIS and the reflection period either for:(1) the full amount; or(2) an initial amount, which would be replaced by a binding offer, an ESIS and reflection period for a larger amount and so on.
A business illustration or high net worth illustration3provided to a customer must:(1) use the headings and prescribed text in MCOB 5 Annex 1 (except as provided in MCOB 5.7) but need not follow the format;(2) include the content required by MCOB 5.6.3 R to MCOB 5.6.128 R4 (except MCOB 5.6.5 R, MCOB 5.6.101 R, MCOB 5.6.109 R to MCOB 5.6.112 G, MCOB 5.6.120 R and MCOB 5.6.121 R);14(3) use the key facts logo followed by the text 'about this [term used by the firm to describe the
(1) The variation in MCOB 4.8A.10 R might involve: a transfer to a different property (“porting”); the addition or removal of a borrower for joint mortgages; an extension of the term; a change in payment method; or consent to let the property. This list is not exhaustive.(2) Examples of rate changes in MCOB 4.8A.10R (1)(b) are: a transfer from a variable rate to a fixed rate; and a transfer from one fixed rate to another fixed rate.(3) [deleted]43(4) Where a firm’s range of regulated
Any communication, including a non-real time financial promotion, must describe: (1) any early repayment charge as an “early repayment charge” and not use any other expression to describe such charges;(2) any higher lending charge as a “higher lending charge” and not use any other expression to describe such charges;(3) any lifetime mortgage as a “lifetime mortgage” and not use any other expression to describe such a mortgage;(4) any home reversion plan as a “home reversion plan”
MCOB 5A places no restrictions on the provision of information that is not specific to the amount the consumer wants to borrow. For example, marketing literature, including generic mortgage repayment tables or graphs illustrating the benefits of making a regular overpayment on a flexible mortgage. However, such literature may constitute a financial promotion and be subject to MCOB 3A (Financial promotions and communications with customers).