Related provisions for MCOB 10A.3.2

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MCOB 7.1.2ARRP
4MCOB 7.6.7 R to MCOB 7.6.17 R do not apply to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary.
MCOB 7.1.2BGRP
4MCOB 7B applies to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary, instead of MCOB 7.6.7 R to MCOB 7.6.17 R.
MCOB 3A.1.4RRP

This chapter applies to the communication or approval of a financial promotion of qualifying credit as follows:

Application and purpose

MCOB 3A.1

The fair, clear and not misleading rules

MCOB 3A.2, except MCOB 3A.2.5 R

Other general requirements for financial promotions

MCOB 3A.3

Qualifying credit financial promotions

MCOB 3A.4

MCD financial promotions (note 1)

MCOB 3A.5

Systems and controls

MCOB 3A.9

Note 1: This item does not apply to non-MCDfinancial promotions of qualifying credit.

MCOB 3A.1.13RRP
This chapter applies to a firm in relation to:(1) the communication of a financial promotion to a person in the United Kingdom;(2) the communication of a cold call of qualifying credit, a home reversion plan or a regulated sale and rent back agreement, unless it is made from a place, and for the purposes of a business which is only carried on, outside the United Kingdom;(3) the approval of a non-real time financial promotion of qualifying credit, a home reversion plan or a regulated
SUP 12.5.6ARRP
(1) 4A firm must ensure that, if appointing an appointed representative (other than an introducer appointed representative), to carry on any of the following regulated activities, its written contract prohibits the appointed representative from carrying on any of the specified activities as an appointed representative for another firm:4(a) any designated investment business for retail clients7: the prohibition must cover all designated investment business for retail clients7;477(b)
SUP 12.5.6BGRP
4(1) The effect of SUP 12.5.6A R (1)(a) is that, in relation to designated investment business with retail clients7, appointed representatives are restricted to one principal.47(1A) The effect of SUP 12.5.6A R (1A) is that tied agents are restricted to one principal when acting as such. A tied agent who has a MiFID investment firm or a third country investment firm as a principal may have other principals who are not MiFID investment firms or third country investment firms.8(2)
SUP 12.5.10RRP
12A firm must ensure that, if appointing an appointed representative to carry on MCD credit intermediation activity, its written contract requires the appointed representative to provide such evidence to the FCA as to the knowledge and competence of the staff of the appointed representative, as the FCA may require from time to time. [Note: article 9(4) of the MCD]
MCOB 1.3.1ARRP
[deleted]8
MCOB 1.3.1BRRP
[deleted]8
SUP 15.8.10RRP
16A tied MCD credit intermediary must notify the FCA, as soon as reasonably practicable, if it intends to cease acting on behalf of and under the full responsibility of any firm.
SUP 15.8.11RRP
16A MCD credit intermediary must notify the FCA, as soon as reasonably practicable, if it intends to start acting on behalf of and under the full responsibility of any firm.
MCOB 11.7.2RRP
The condition in MCOB 11.7.1R (2) does not apply if each of the following conditions is satisfied: (1) the firm is the mortgage lender or home purchase provider under the existing regulated mortgage contract or home purchase plan in MCOB 11.7.1R (1);(2) the value of the property which is the subject of the regulated mortgage contract or home purchase plan is at risk if repairs or maintenance work to the property are not carried out; (3) the funds generated by the additional borrowing
MCOB 11.7.6RRP
2Where a firm has elected to apply any of MCOB TPs 22, 24, 26, 28, 30, 32, 34, 36, 38 or 40 in MCOB TP 1.1, any first charge regulated mortgage contract they propose to enter into between 21 September 2015 and 21 March 2016 is not to be regarded as an MCD regulated mortgage contract for the purposes of this chapter.
MCOB 4A.2.1RRP
(1) An MCD mortgage lender or MCD mortgage credit intermediary must provide, orally or in a durable medium, adequate explanations to the consumer of the proposed MCD regulated mortgage contract and any ancillary services, before any binding offer is issued to that consumer, to enable the consumer to assess whether the proposed MCD regulated mortgage contract and ancillary services meets their needs and financial situation.[Note: article 16(1) of the MCD](2) The explanations must,
MCOB 4A.2.2RRP
In complying with MCOB 4A.2.1 R, a firm may adapt the manner and extent of giving the explanations, as well as the person giving them, according to:(1) the circumstances of the situation in which the MCD regulated mortgage contract is offered;(2) the consumer to whom it is offered; and(3) the nature of the MCD regulated mortgage contract offered.[Note: article 16(2) of the MCD]
MIPRU 3.2.9ARRP
4If the firm is: (1) an MCD article 3(1)(b) credit intermediary who is not also an MCD article 3(1)(b) creditor carrying out direct sales only5; or(2) a home finance intermediary that is:5(a) an MCD mortgage adviser; or(b) an MCD mortgage arranger,5who is not also an MCD mortgage lender carrying out direct sales only; then the minimum limit of indemnity is that specified in MIPRU 3.2.9BR8.7[Note: article 29(2) of the MCD]
MIPRU 3.2.9BRRP
7The minimum monetary amount of the professional indemnity insurance or comparable guarantee is7:(1) EUR 460 000 for each individual claim;(2) in aggregate EUR 750 000 per calendar year for all claims.[Note: article 1 of the Commission Delegated Regulation (EU) No 1125/2014.]7
SUP App 3.9.1GRP
The following Tables 1, 2, 2ZA,12 2A and 2B1 provide an outline of the regulated activities and specified investments that may be of relevance to firms considering undertaking passported activities under the CRD6, 1MiFID3, AIFMD7, the UCITS Directive, the MCD9 and the IDD14. The tables may be of assistance to UK firms that are thinking of offering financial services in another EEA State and to EEA firms that may offer those services in the United Kingdom.1761311
SUP App 3.9.2GRP
The tables provide a general indication of the investments and activities specified in the Regulated Activities Order that may correspond to categories provided for in the CRD6, 1MiFID3, AIFMD7, the UCITS Directive, the MCD9 or the IDD14. The tables do not provide definitive guidance as to whether a firm is carrying on an activity that is capable of being passported, nor do the tables take account of exceptions that remove the effect of articles. Whether a firm is carrying on
SUP App 3.9.8GRP

Table 3: MCD activities

Part II RAO specified activities

Part III RAO Investments

1

Acting as credit intermediary

Articles 25A(1), 25A11(2A), 53A, 36A(1)(d), (e), (f) and 53DA

Articles 88 and 88D

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 7.7.1RRP
(1) Where, in relation to a regulated mortgage contract for a business purpose or a high net worth mortgage customer3 who is not a consumer under an MCD regulated mortgage contract4, a customer either:(a) seeks an immediate increase in the borrowing provided under the regulated mortgage contract; or(b) overdraws on the borrowing under the regulated mortgage contract;the further advance rules in MCOB 7.6.7 R to MCOB 7.6.17 R do not apply.(2) Where (1) applies, the firm must within
MCOB 7.7.3RRP
Where a customer applies for a further advance that is a regulated mortgage contract for a business purpose or a high net worth mortgage customer3 who is not a consumer under an MCD regulated mortgage contract4 and MCOB 7.7.1 R does not apply:(1) the business illustration or high net worth illustration3must be based upon the total borrowing; and(2) MCOB 7.6.9 R to MCOB 7.6.10 G and MCOB 7.6.12 G do not apply.
SUP 12.4.10ARRP
10Before a firm appoints a person as an appointed representative to carry on an MCD credit intermediation activity, it must ensure that the person has, and will maintain on a continuing basis after appointment, professional indemnity insurance in accordance with the rules applicable to MCD credit intermediaries. A firm will satisfy this requirement if:(1) the appointed representative has professional indemnity insurance which satisfies the rules in MIPRU 3.2 applicable to the
SUP 12.4.10BRRP
(1) 10Before a firm appoints a person as an appointed representative to carry on MCD credit intermediation activity and on a continuing basis after appointment, it must, in relation to such activities, ensure that:(a) if the appointed representative is an individual, the individual: (i) has not been convicted of any serious criminal offences linked to crimes against property or other crimes related to financial activities (other than spent convictions under the Rehabilitation
SUP 12.4.10CGRP
(1) 21[deleted](2) An appointed representative must not commence an MCD credit intermediation activity until they are included on the Financial Services Register. (3) If an appointed representative's scope of appointment is to include MCD credit intermediation activity, the Act provides that that appointed representative'sprincipal may not be a tied MCD credit intermediary.
MCOB 2A.6.1RRP
When an MCD mortgage lender or an MCD mortgage credit intermediary, provides information in compliance with the requirements in MCOB relating to an MCD regulated mortgage contract, it must provide that information free of charge.[Note: article 8 of the MCD]
MCOB 7A.1.1RRP
This chapter applies to a firm that is an MCD mortgage lender or an MCD mortgage administrator.
MCOB 11A.1.1RRP
An MCD mortgage credit intermediary must accurately submit any relevant information obtained from the consumer to the MCD mortgage lender to enable an assessment of affordability to be carried out.[Note: article 20(2) of the MCD]
SUP App 3.2.1GRP
The purpose of this appendix is to give guidance:(1) to UK firms on some of the issues that arise when carrying on passported activities1(see SUP App 3.5and SUP App 3.6);111(2) to all firms on the relationship between regulated activities and activities passported under the Single Market Directives (see SUP App 3.9and SUP App 3.101).11
MCOB 7A.2.1RRP
When giving notice to a consumer of any changes that the consumer is required to make resulting from interest-rate changes for an MCD regulated mortgage contract, a firm must:(1) give notice of the amount of the payments to be made after the new interest-rate change takes effect; and(2) where the number or frequency of the payments will change, give particulars of these changes.[Note: article 27(1) of the MCD]
MCOB 11A.2.1RRP
An MCD mortgage lender must not cancel, or vary the terms of, an MCD regulated mortgage contract to the detriment of the consumer on the grounds that the assessment of affordability was incorrectly conducted or the information provided by the consumer prior to the agreement of the MCD regulated mortgage contract was incomplete. However, this does not apply where the MCD mortgage lender can demonstrate that the consumer knowingly withheld or falsified information relevant to the
FEES 6.6.1RRP
[deleted]642253411
MCOB 6A.2.1RRP
Any communication required by MCOB 6A to be given to a consumer by a firm must be in a durable medium.[Note: article 14(3) of the MCD]