Related provisions for MCOB 8.5A.14

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

MCOB 11.8.1ERP
Where a customer is unable to:(1) enter into a new regulated mortgage contract or home purchase plan or vary the terms of an existing regulated mortgage contract or home purchase plan with the existing mortgage lender or home purchase provider; or(2) enter into a new regulated mortgage contract or home purchase plan with a new mortgage lender or home purchase provider;the existing mortgage lender or home purchase provider should not (for example, by offering less favourable interest
MCOB 5.3.2GRP
(1) The purpose of MCOB 5.3.1 R, taken in conjunction with other rules in this chapter, is to ensure that the customer has received details of the particular home finance transaction for which he has applied, and has had the opportunity to satisfy himself that it is appropriate for him.1(2) In relation to a regulated mortgage contract, the application should identify the type of interest rate, rate of interest, and the mortgage lender at the point it is submitted by the customer
MCOB 2A.5.1RRP
Where the borrowing rate under an MCD regulated mortgage contract is variable, the MCD mortgage lender must:(1) ensure that any index or reference rate used to calculate that rate is clear, accessible, objective and verifiable by the parties to the MCD regulated mortgage contract and the FCA; and(2) keep a record of the index or reference rate used to calculate that rate for as long as the MCD regulated mortgage contract remains outstanding.[Note: article 24 of the MCD]
SUP 16.23.2RRP

Table: Firms to which SUP 16.23.1R applies (subject to the exclusions in SUP 16.23.1R).4

a UK bank;

a building society;

2

a non-UK bank;2

a mortgage lender;

a mortgage administrator; or

a firm offering life and annuity insurance products.

4a firm that has permission to carry on one or more of the following activities:

advising on investments, provided that during the relevant financial year the firm:

(i)

held client money under CASS 5 (Client money: insurance distribution activity) and/or CASS 7 (Client money rules); and/or

(ii)

held safe custody assets under CASS 6 (Custody rules);

arranging (bringing about deals) in investments, provided that during the relevant financial year the firm:

(i)

arranging (bringing about deals) in investments, provided that during the relevant financial year the firm:

(ii)

held safe custody assets under CASS 6 (Custody rules);

dealing in investments as agent;

dealing in investments as principal;

assisting in the administration and performance of a contract of insurance in relation to non-investment insurance contracts;

managing investments;

establishing, operating or winding up a collective investment scheme;

establishing, operating or winding up a personal pension scheme;

establishing, operating or winding up a stakeholder pension scheme;

managing a UK UCITS;

managing an AIF;

safeguarding and administering investments;

acting as trustee or depositary of a UK UCITS;

acting as trustee or depositary of an AIF;

operating a multilateral trading facility; and/or

operating an organised trading facility.

a firm that has reported total revenue of £5 million or more as at its last accounting reference date and has permission to carry on one or more of the following activities:

advising on investments;

arranging (bringing about deals) in investments;

advising on pension transfers and pension opt-outs; and

credit-related regulated activity.

PERG 4.4.1GRP
Article 61(3)(a) of the Regulated Activities Order defines a regulated mortgage contract as a contract which, at the time it is entered into, satisfies the following conditions:(1) the contract is one where a lender provides credit to an individual or trustees (the 'borrower');(2) the contract provides for the obligation of the borrower to repay to be secured by a mortgage on land, where “land” for this purpose means:855(a) in relation to a contract entered into before IP completion
PERG 4.4.2GRP
The condition set out in PERG 4.4.1G (1) limits the range of borrowers to whom the protections of the mortgage regulation regime apply to individuals and trustees. If a company (which is not acting as a trustee) borrows money for the purpose of funding the company's business, and the loan is secured by a mortgage over the company's property, the mortgage contract is not a regulated mortgage contract. So a lender will not carry on a regulated activity by entering into that contract,
MCOB 4.8A.10RRP
(1) MCOB 4.8A.7 R does not apply in the case of a variation of a regulated mortgage contract, provided that:(a) the variation would not involve the customer taking on additional borrowing beyond the amount currently outstanding under the existing regulated mortgage contract, other than to finance any product fee or arrangement fee for the proposed new or varied contract;4(b) where the variation will (in whole or part) change from one interest rate to another, the firm has presented
MCOB 4.8A.14RRP
A firm must not enter into or arrange an execution-only sale for a regulated mortgage contract unless, except as provided in MCOB 4.8A.15 R:(1) for a new regulated mortgage contract not falling within MCOB 4.8A.10 R, the customer has identified the regulated mortgage contract he wishes to purchase, specifying to the firm at least the following information:(a) the name of the mortgage lender;(b) the rate of interest;(c) the interest rate type (that is, whether fixed, variable or
MIPRU 4.2F.8GRP
(1) For the purposes of MIPRU 4.2F.7R (2), a firm may use the FTSE UK gilt 10-year yield index which the Council of Mortgage Lenders makes available to its members. (2) If a firm offers a variable interest rate on a lifetime mortgage, it should calculate an average interest rate in a way which is consistent with the calculation of the discount rate.(3) To determine the projected number of years to maturity of the exposure, a firm may use the standard mortality tables published
MIPRU 4.2F.29RRP
The value of the collateral must be the market value or mortgage lending value reduced as appropriate to reflect the results of the monitoring required under MIPRU 4.2F.11R (3)(b) and MIPRU 4.2F.14 R and to take account of any prior claims on the property, such as a first-charge mortgage from another lender.
MCOB 1.2.2GRP
3(1) This sourcebook applies to activities carried out in respect of regulated mortgage contracts, equity release transactions, home purchase plans, and regulated sale and rent back agreements. Together, these products are referred to as home finance transactions.5555377(2) Lifetime mortgages and home reversion plans are together referred to as equity release transactions.3(3) The application of most of this sourcebook is expressed by reference to four types of firm: lenders/providers,
MCOB 1.2.21GRP
(1) 10By virtue of amendments to articles 60B, 60C and 61 of the Regulated Activities Order which came into force on 21 March 2016, certain regulated credit agreements became regulated mortgage contracts (but see the transitional provisions described in (3) below). The provisions of MCOB that apply to these regulated mortgage contracts include:(a) MCOB 7 (Disclosure at start of contract and after sale);(b) MCOB 12 (Charges); and(c) MCOB 13 (Arrears, payment shortfalls and repossessions:
MCOB 2.6A.-1RRP
5A mortgage lender may only include, or rely on, a term in a regulated mortgage contract which permits it to change the rate of interest from a fixed, discounted or other concessionary rate to the firm's standard variable rate in the event of a breach of contract if each of the following conditions is met:(1) the breach of contract is material; (2) the breach of contract is unrelated to a payment shortfall; and(3) that standard variable rate is not an interest rate created especially
MCOB 2.1.2RRP

This table belongs to MCOB 2.1.1 R

(1) Category of firm

(2) Applicable section

mortgage lender

5

whole chapter except 5MCOB 2.6A.1 R to MCOB 2.6A.18 G5 and MCOB 2.8.6 G1

6

5mortgage administrator

mortgage adviser

mortgage arranger

As for a mortgage lender, except that MCOB 2.6A.-1 R does not apply.

1home purchase provider

MCOB 2.1,, MCOB 2.5 to5MCOB 2.6, MCOB 2.6A.1 R to MCOB 2.6A.4 G, MCOB 2.6A.7 G to MCOB 2.6A.10 G, MCOB 2.7.4 R to MCOB 2.7.6 R, MCOB 2.7A2, 7MCOB 2.8.6 G and MCOB 2.97

65

1home purchase administrator

As for a home purchase provider but MCOB 2.6A.1 R to MCOB 2.6A.4 G and MCOB 2.6A.7 G do not apply

1home purchase adviser

home purchase arranger

As for a home purchase provider but MCOB 2.6A does not apply

1reversion provider

whole chapter except MCOB 2.6A.7 G, MCOB 2.7.4 R to MCOB 2.7.6 R and MCOB 2.8.6 G

6

1reversion administrator

reversion arranger

As for a reversion provider but the relevant provisions of MCOB 2.6A apply only when arranging for a home reversion plan to be entered into by a reversion occupier with, or administering a home reversion plan provided by, an unauthorised reversion provider.

1reversion adviser

As for a reversion provider but MCOB 2.6A does not apply

4SRB administrator

MCOB 2.1, MCOB 2.5 to5MCOB 2.6, MCOB 2.6A.5BR (5), MCOB 2.6A.8 R to MCOB 2.6A.11 G, MCOB 2.6A.17A R, MCOB 2.6A.18 G, MCOB 2.7.1 G to MCOB 2.7.5 R, MCOB 2.7A, MCOB 2.8.1 G to MCOB 2.8.5 G and MCOB 2.97.

65

3SRB adviser

Whole chapter except MCOB 2.6A.5 R, MCOB 2.6A.7 G, MCOB 2.6A.17 R and MCOB 2.8.6 G.4

46

3SRB agreement provider

Whole chapter except MCOB 2.6A.5 R, MCOB 2.6A.7 G, MCOB 2.6A.17 R, MCOB 2.6A.17A R, MCOB 2.6A.18 G and MCOB 2.8.6 G.4

46

4SRB arranger

Whole chapter except MCOB 2.6A.5 R, MCOB 2.6A.7 G, MCOB 2.6A.17 R and MCOB 2.8.6 G.4

6

a firm that communicates or approves a financial promotion of qualifying credit or of a home reversion plan1

1

MCOB 2.5, MCOB 2.6, MCOB 2.7 (except, when the financial promotion relates to a home reversion plan, MCOB 2.7.4 R to MCOB 2.7.6 R), MCOB 2.7A2,7MCOB 2.8 (except MCOB 2.8.6 G)1 and MCOB 2.97

1a firm that communicates or approves a financial promotion of a home purchase plan

MCOB 2.5, MCOB 2.6, MCOB 2.7, MCOB 2.7A2,7MCOB 2.8.6 G and MCOB 2.97

6
PERG 5.11.5GRP
Insurance undertakings are referred to 1MIPRU 51 (Insurance distributors and home finance providers5 using insurance distribution or home finance5 mediation services) as regards their obligations relating to the use of intermediaries generally.
MCOB 4.11.7GRP
(1) A consideration of the customer's benefits position will need to focus on whether, by entering into the proposed regulated sale and rent back agreement, his entitlement to means-tested benefit will be adversely affected because of his receipt of the net proceeds of sale (if any) of the property. The customer's possible loss of entitlement to claim housing benefit should also be assessed. Where a firm has insufficient knowledge of means-tested and housing benefits to reach
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
PERG 4.11.17GRP
In the FCA's view, in circumstances other than those excluded by article 72(5D) of the Regulated Activities Order, the need for an overseas lender to be authorised or to have an exemption will depend on the location of the land.4 This is because of:4(1) the territorial limitation in the definition of regulated mortgage contract so that regulation applies only if the land is in the United Kingdom5;44(2) the general principle and practice that contracts relating to land are usually
MCOB 12.3.2GRP
A firm can choose the method it employs for calculating early repayment charges in accordance with MCOB 12.3.1 R. A firm3 should not use the 'Rule of 78' , which is not appropriate as it effectively overstates the cost to the mortgage lender.33
MCOB 10A.1.3RRP
The calculation of the APRC must be based on the assumption that the MCD regulated mortgage contract is to remain valid for the period agreed and that the MCD mortgage lender and the consumer will fulfil their obligations under the terms and by the dates specified in the MCD regulated mortgage contract.[Note: article 17(3) of the MCD]
CONC 4.2.10RRP
A lender or a credit broker must not encourage or induce a customer to waive the rights in CONC 4.2.5 R.[Note: paragraph 3.10 of ILG]
PERG 4.12.6GRP
2SUP 12.4.10A R to SUP 12.4.10C G explain some special requirements that apply to an appointed representative for an MCD mortgage lender or MCD mortgage credit intermediary. For example, it may be necessary for the appointed representative to be included in the Financial Services Register.
DISP App 1.3.4GRP
21Firms should make it clear that they will bear the costs of conversion if the rearrangement is made with the existing lender and to the equivalent repayment mortgage. If a complainant is not willing to rearrange with the existing lender, then the costs to be paid by the firm should normally be limited to those which would have been payable had the rearrangement been made with the existing lender and to the equivalent repayment mortgage. If it is not possible to rearrange with