Related provisions for MCOB 12.1.3
61 - 80 of 95 items.
Where a person is already an appointed representative (in relation to any non-mortgage activities) and he proposes to carry on any regulated mortgage activities, he will need to consider the following matters.(1) He must become authorised if his proposed mortgage activities include either entering into a regulated mortgage contract or administering a regulated mortgage contract. These activities may not be carried on by appointed representatives and the Act does not permit any
9Where a firm proposes to vary the term of a regulated mortgage contract so that it becomes a retirement interest-only mortgage: (1) MCOB 7.6.18R to MCOB 7.6.21G apply as though references to a rate switch were references to such a contract variation; and(2) MCOB 5.4 applies as though a reference to entering into a home finance transaction included such a contract variation.
Certain named persons are exempted by the Exemption Order from the need to obtain authorisation. The following bodies have exemptions (which are explained in more detail in this section)3 in relation to carrying on by them of the regulated mortgage activities:33(1) [deleted]22(2) registered social landlords in England and Wales within the meaning of Part I of the Housing Act 1996 (paragraph 48(2)1(a) of the Schedule to the Exemption Order) but not their subsidiaries;(3) registered
(1) There are certain additional disclosure requirements laid down by the rules which implemented8 the Distance Marketing Directive that will have to be provided by a mortgage intermediary,6 a home purchase intermediary and a SRB intermediary64 to a consumer5 prior to the conclusion of a distance mortgage mediation contract,66 a distance home purchase mediation contract4 or a distance regulated sale and rent back mediation contract.6 The purpose of this section, MCOB 4.5, is to
Except as set out in this section, MCOB applies if the customer of a firm carrying on home finance activities2 is, at the time that the home finance activity is carried on, resident in:928(1) 9the United Kingdom; or (2) 9an EEA State, where the activity is carried on:(a) from an establishment maintained by the firm (or its appointed representative) in the United Kingdom; and(b) in respect of a regulated mortgage contract entered into before IP completion day.22
1This section sets out the conditions which must be satisfied for a firm to enter into or vary a regulated mortgage contract with a customer, or arrange such a transaction for a customer, without giving advice, or where the advice given by the firm has been rejected. As explained in MCOB 4.7A.1 G, it does not prohibit the giving of pre-contract or preliminary information which does not amount to advice to the particular customer. If a firm intends (where permitted under this
Where:(1) there are two or more customers or prospective customers in relation to the same home finance transaction;(2) a rule in MCOB requires the provision of information to such customers; and(3) the customers have different addressesa firm should send the information to each address. If the customers share the same address, it will be sufficient to send a single copy of the information addressed to each of the customers.
(1) 1MCOB 4.7A sets out standards to be observed by firms when advising a particular customer on regulated mortgage contracts.(2) The rules at MCOB 4.8A require firms which are selling regulated mortgage contracts to, or entering into variations of existing regulated mortgage contracts with, certain types of vulnerable customer, to provide advice to them.(3) The rules at MCOB 4.8A also provide that advice must be given wherever the sales process involves spoken or other interactive
This table belongs to MCOB 9.1.3 R
Section of MCOB 9 |
Applies in relation to an equity release transaction as set out in the following rules:2 2 |
(1) CREDS covers only the requirements associated with a Part 4A permission to accept deposits. The Conduct of Business sourcebook (COBS) sets out additional requirements for credit unions that are CTF providers in relation to cash deposit CTFs.(2) Other permissions are covered elsewhere in the Handbook. So, for example, a credit union seeking a permission to undertake a regulated mortgage activity would need to comply with the requirements in the Mortgages and Home Finance: Conduct