Related provisions for PERG 4.8.2

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MCOB 7.1.4RRP
This chapter applies in relation to further advances and other variations (as specified in MCOB 7.6.7 R - MCOB 7.7.4 R in relation to a regulated mortgage contract2) regardless of whether they are variations to an existing home finance transaction2or are such that they involve the customer entering into a new home finance transaction2.22
MCOB 7.1.5RRP
This chapter also applies in relation to regulated mortgage contracts in circumstances where the original mortgage lender has passed on ownership of the loan to a third party through securitisation. In such a case, the rules in MCOB 7.5 - MCOB 7.7.4 R will apply to the firm which administers the regulated mortgage contract.
MCOB 7.1.8RRP
In relation to a lifetime mortgage2, this chapter is modified by MCOB 9 (Equity release2: product disclosure).1222
MCOB 5.1.4GRP
The table in MCOB 5.1.5 G shows how the relevant rules and guidance in MCOB 5.6 apply to certain types of regulated mortgage contracts.
MCOB 5.1.9GRP
In relation to a regulated mortgage contract, where2 part of the loan is not a regulated mortgage contract, for example it is a linked unsecured loan, the details of this loan can be shown in Section 12 of the illustration as an additional feature. It should not be added to the regulated mortgage contract loan amount in MCOB 5.6.6 R(2).2
MCOB 5.1.10GRP
A firm that finds any rule in MCOB 5.6 (Content of illustrations) inappropriate for the particular kind of regulated mortgage contract that the mortgage lender provides will need to seek from the FCA a waiver of that rule, unless another rule provides otherwise7. SUP 8 contains details of the waiver procedure.
PERG 4.13.2GRP
3The bodies in PERG 4.13.1 G are exempt in relation to the regulated activity of arranging the variation of a regulated mortgage contract (article 25A(1)(b) of the Regulated Activities Order).
PERG 4.13.4GRP
3The exemption in PERG 4.13.3 G only applies in relation to regulated mortgage contracts entered into before 21 March 2016 and5 to a limited range of regulated mortgage contracts entered into on or after that date5. These are set out in the table in PERG 4.13.5 G.
PERG 4.13.5GRP

3Exempted regulated mortgage contracts

Type of regulated mortgage contract

Explanation

Out of scope of the MCD by virtue of article 3(2)4

See PERG 4.10A.5G (1) to PERG 4.10A.5G (6)

Bridging loan

See PERG 4.13.6 G

Restricted public loan

See PERG 4.13.7 G
MCOB 4.5.1GRP
(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
MCOB 4.5.2RRP
If the initial contact7 is with a consumer5 with a view to concluding a distance mortgage mediation contract,6 a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract6,4 a firm must:7546(1) in addition to initial disclosure information and any other required information, provide the consumer5 with the information in MCOB 4 Annex 3 in a durable medium in good time before the conclusion of the distance mortgage mediation contract,6distance
MCOB 4.5.3GRP
(1) The information in MCOB 4 Annex 3 will be provided in 'good time' for the purposes of MCOB 4.5.2 R (1), if provided in sufficient time to enable the customer to consider properly the services on offer.(2) An example of the circumstances in which MCOB 4.5.2 R (4) or (5) may apply is given in MCOB 4.4.4 G. If the initial disclosure document and accompanying information (including that in MCOB 4 Annex 3) was previously provided to a customer and continues to be appropriate, there
MIPRU 4.2F.1RRP
1This section applies to a firm carrying on any home financing connected to regulated mortgage contracts or home financing and home financing administration connected to regulated mortgage contracts (see MIPRU 4.2.23 R).
MIPRU 4.2F.7RRP
(1) A firm must not treat a lifetime mortgage as an exposure fully and completely secured on residential property for the purposes of MIPRU 4.2F.4 R unless the amount of the exposure is calculated according to the following formula:where:(a) P is the current outstanding balance on the lifetime mortgage;(b) i is the interest rate charged on the lifetime mortgage, which for the purposes of this calculation must not be lower than the discount rate referred to in (c);(c) d is the
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.13GRP
The term ‘protection agreement’ in MIPRU 4.2F.12R (3) refers to the contract or deed by which the mortgage or charge is established.
MCOB 12.4.1BRRP
When:5(1) a customer has a payment shortfall in respect of a regulated mortgage contract;5(2) a payment is made which is not sufficient to cover all of the amounts that are currently due under that contract and the firm must therefore decide how to allocate the payment; and5(3) as part of that decision, the firm is considering the respective priority to be given to:5(a) the current month’s periodic instalment of capital or interest (or both);5(b) the payment shortfall; and5(c)
MCOB 12.4.1DGRP
5A firm may recalculate the periodic instalment of capital or interest (or both), provided that any such recalculation is consistent with the firm’s obligations under the Handbook. If a firm exercises a power under the terms of a mortgage contract to recalculate periodic instalments of capital or interest (or both) using a mortgage balance that includes charges (such as arrears management charges) or interest arising because one or more monthly instalments were missed, the firm
MCOB 12.4.2GRP
For each type of payment shortfall charge (for example, a monthly arrears management charge), a 4firm may calculate the same level of additional administration costs and payment shortfall charges4 for all regulated mortgage contracts where the customer is in payment shortfall4, rather than performing a calculation 4on the basis of the individual regulated mortgage contract with the particular customer. 444
MCOB 4.6.1GRP
A consumer2 has no right to cancel a home finance transaction1 concluded with a firm but may have a right to cancel a distance contract concluded with a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31for the provision of his services. Whether a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31 concludes a distance mortgage mediation contract,3 a distance home purchase mediation contract or a distance regulated sale and rent
MCOB 4.6.4RRP
(1) A consumer2 has a right to cancel a distance mortgage mediation contract,3 a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract31 in accordance with this section.23(2) The right to cancel must be exercised within 14 days beginning on the later of:(a) the day of the conclusion of the contract; or(b) the day on which the consumer2 receives the contractual terms and conditions and other information required by MCOB 4.4 and
MCOB 4.6.5RRP
A consumer2 who has a right to cancel a distance mortgage mediation contract, a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract31 may, without giving any reason, cancel the contract by serving notice on the firm, before the expiry of the cancellation period in MCOB 4.6.4 R either:23(1) by serving on, or otherwise sending by post, notice to the firm's last known address, addressed to the firm, its appointed representative
MCOB 5A.5.3RRP
A firm must:(1) reproduce the text in MCOB 5A Annex 1 R in the ESIS;(2) replace the indications between square brackets with the corresponding information; (3) complete the ESIS in accordance with MCOB 5A Annex 2;(4) wherever the words “where applicable” are indicated:(a) provide the information required, if it is relevant to the MCD regulated mortgage contract; or(b) where the information is not relevant to the MCD regulated mortgage contract, delete the information in question
MCOB 5A.5.6GRP
A firm should not illustrate more than one MCD regulated mortgage contract in the same ESIS, for example by using one ESIS to compare alternative products, repayment methods or repayment terms.
MCOB 5A.5.7GRP
Firms are reminded that they must comply with MCOB 7.6.5R in respect of the release of loan instalments after the start of the MCD regulated mortgage contract.
PERG 4.10B.21GRP
A contract is excluded from the definition of regulated mortgage contract if, at the time it is entered into, it meets the following conditions:(1) it is a consumer buy-to-let mortgage contract within the meaning of the MCD Order (see PERG 4.10B.10G for an explanation of what this means); and(2) it is either:(a) of a kind outside the scope of the MCD3 by virtue of the exclusions summarised in PERG 4.10A.5G(1) to (8); or(b) a bridging loan (see PERG 4.13.6G).
PERG 4.10B.25GRP
Part 3 of the MCD Order does not apply to all mortgage contracts secured on buy-to-let property.
PERG 4.10B.26GRP
The regime is only relevant to credit secured on residential property. If a loan to a buy-to-let borrower is secured on commercial property, the loan is not a residential mortgage contract and this chapter does not apply.
SUP 16.12.11RRP

The applicable data items referred to in SUP 16.12.4 R are set out according to firm type in the table below:

89Description of data item

Firms’prudential category and applicable data items (note 1)

MIFIDPRU investment firms

Firms other than MIFIDPRU investment firms

IPRU(INV)Chapter 3

IPRU(INV)Chapter 5

91

IPRU(INV)Chapter 13

Solvency statement

No standard format (note 4)

No standard format (note 6)

No standard format (note 4)

Balance sheet

FSA029

(note 2)

FSA029

(note 5)

FSA029

91

Section A RMAR

Income statement

FSA030

(note 2)

FSA030

(note 5)

FSA030

91

Section B RMAR

Capital adequacy

MIF001

(note 2 and 3)

FSA033

(note 5)

FSA034 or FSA035 or FIN071

(note 7)

91

Section D1 RMAR

Supplementary capital data for collective portfolio management investment firms

FIN067

(note 13)

ICARA assessment questionnaire

MIF007

(note 3)

Threshold conditions

Section F RMAR

Client money and client assets

FSA039

FSA039

FSA039

91

Section C RMAR

CFTC

FSA040 (note 8)

FSA040 (note 8)

FSA040 (note 8)

91

FSA040 (note 8)

Liquidity

MIF002

(notes 2, 3 and 10)

Metrics reporting

MIF003

(notes 2 and 3)

Concentration risk (non-K-CON)

MIF004

(notes 2, 3 and 11)

Concentration risk (K-CON)

MIF005

(notes 2, 3 and 11)

Group capital test

MIF006

(notes 3 and 12)

Liquidity Questionnaire

MLA-M (note 9)

MLA-M (note 9)

MLA-M (note 9)

91

MLA-M (note 9)

Note 1

All firms (except MIFIDPRU investment firms in relation to items reported under MIFIDPRU 9) must, when submitting the completed data item required, use the format of the data item set out in SUP 16 Annex 24R. Guidance notes for completion of the data items are contained in SUP 16 Annex 25G.

Note 2

A UK parent entity of an investment firm group to which consolidation applies under MIFIDPRU 2.5 must also submit this report on the basis of the consolidated situation.

Note 3

Data items MIF001 – MIF007 must be reported in accordance with the rules in MIFIDPRU 9.

Note 4

Only applicable to a firm that is a sole trader or partnership. Where the firm is a partnership, this report must be submitted by each partner.

Note 5

Except if the firm is an adviser (as referred to in IPRU-INV (3)-60(4)R).

Note 6

Only required in the case of an adviser (as referred to in IPRU-INV (3)-60(4)R)) that is a sole trader.

Note 7

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R.

Note 8

Only applicable to firms granted a Part 30 exemption order and operating an arrangement to cover forward profits on the London Metals Exchange.

Note 9

Only applicable to RAG 3 firms carrying on home financing or home finance administration connected to regulated mortgage contracts, unless as at 26 April 2014 the firm’sPart 4A permission was and remains subject to a restriction preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts.

Note 10

Does not apply to an SNI MIFIDPRU investment firm which has been granted an exemption from the liquidity requirements in MIFIDPRU 6.

Note 11

Only applicable to a non-SNI MIFIDPRU investment firm.

Note 12

Only applicable to a parent undertaking to which the group capital test applies.

Note 13

Only applicable to firms that are collective portfolio management investment firms.
SUP 16.12.18BRRP

The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

46Description of data item

Data item (note 1)

Frequency

Submission deadline

Balance Sheet

Sections A.1 and A.2 MLAR

Quarterly

20 business days

Income Statement

Sections B.0 and B.1 MLAR

Quarterly

20 business days

Capital Adequacy(notes 4 and 5)70

58

Section C MLAR

Quarterly

20 business days

Lending - Business flow and rates

Section D MLAR

Quarterly

20 business days

Residential Lending to individuals - New business profile

Section E MLAR

Quarterly

20 business days

Lending - arrears analysis

Section F MLAR

Quarterly

20 business days

Mortgage Administration - Business Profile

Section G MLAR

Quarterly

20 business days

Mortgage Administration - Arrears analysis

Section H MLAR

Quarterly

20 business days

Analysis of loans to customers

Section A3 MLAR

Quarterly

20 business days

Provisions analysis

Section B2 MLAR

Quarterly

20 business days

Fees and Levies

Section J MLAR

Annually

30 business days

Sale and rent back

Section K MLAR

Annually

30 business days

Credit Risk (notes 2 and 4)58

58

Section L MLAR

Quarterly

20 business days

Liquidity (notes 3 and 4)58

58

Section M MLAR

Quarterly

20 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 19A. Guidance notes for the completion of the data items are set out in SUP 16 Annex 19B.

Note 2

Only applicable to a firm that has one or more exposures that satisfy the conditions set out in MIPRU 4.2A.4 R, and:

- has permission to carry on any home financing which is connected to regulated mortgage contracts; or

- has permission to carry on home financing and home finance administration which is connected to regulated mortgage contracts (and no other activity); or

- has permission to carry on home finance administration which is connected to regulated mortgage contracts and has all or part of the home finance transactions that it administers on its balance sheet.

Note 3

Only applicable to a firm that:64

- is80 subject to MIPRU 4.2D;

-80 has no restriction to its Part 4A permission preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts; and

- has permission to carry on any home financing or home finance administration connected to regulated mortgage contracts.

6464

Note 4

Not applicable if the firm exclusively carries on home finance administration or home finance providing activities in relation to second charge regulated mortgage contracts or legacy CCA mortgage contracts (or both)66.

Also not applicable if the firm is a P2P platform operator facilitating home finance transactions.83

70Note 5

Only applicable to a firm that is subject to MIPRU 4.2 (Capital resources requirements).
SUP 16.12.18CRRP

58Additional applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below for a firm carrying on home finance administration or home finance providing activities in relation to second charge regulated mortgage contracts. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item

Data item (note 1)

Frequency

Submission deadline

Analysis of second charge loans to customers

Section A4 64MLAR

Quarterly

20 business days

Second charge business flow and rates

Section D1 64MLAR

Quarterly

20 business days

Second charge lending to individuals

Section E1 64MLAR

Quarterly

20 business days

Second charge lending - arrears analysis

Section F1 MLAR64

Quarterly

20 business days

85Second charge mortgage administration – business profile

Section G1 MLAR

Quarterly

20 business days

Second charge mortgage administration - arrears analysis

Section H1 MLAR64

Quarterly

20 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 19AA R. Guidance notes for the completion of the data items are set out in SUP 16 Annex 19B.
SUP 16.12.28ARRP

2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item11

Data item11 (note 1)

Frequency

Submission deadline

Annual regulated business revenue up to and including £5 million

Annual regulated business revenue over £5 million

88Home finance mediation activity and insurance distribution activity

Balance Sheet

Section A RMAR

Half yearly

Quarterly

30 business days

Income Statement

Section B RMAR

Half yearly

Quarterly

30 business days

Capital Adequacy (note 3)58

Section D1 RMAR

Half yearly

Quarterly

30 business days

Professional indemnity insurance

(note 2)11

Section E RMAR

Half yearly

Quarterly 11

11

30 business days

Threshold Conditions

Section F RMAR

Half yearly

Half yearly

30 business days

Training and Competence

Section G RMAR

Half yearly

Half yearly

30 business days

COBS11 data

Section H RMAR

Half yearly

Half yearly

30 business days

Supplementary product sales data

Section I RMAR

Half yearly11

11

Annually

30 business days

Client money and client assets (note 3)58

Section C RMAR

Half yearly

Quarterly

30 business days

Fees and levies

Section J RMAR

Annually

Annually

30 business days

88Funeral plan distribution activity

88Funeral plan financials return: distributors (note 4)]

FPR003b92

Half yearly (note 5)

80 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B.

11Note 2

This item only applies to firms that may be subject to an FCA80 requirement to hold professional indemnity insurance94.

6889

58Note 3

This item does not apply to firms who only carry on home finance mediation activities exclusively in relation to second charge regulated mortgage contracts or legacy CCA mortgage contracts (or both)66 and who are not otherwise expected to complete it by virtue of carrying out other regulated activities.

This item also does not apply if the firm is a P2P platform operator facilitating home finance transactions and is not required to submit it by virtue of carrying out other regulated activities. 83

88Note 4

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 50B92. Guidance notes for the completion of the data item are set out in SUP 16 Annex 50B92.

88Note 5

Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis and not from a firm’s accounting reference date. The relevant half year periods end on 30 June and 31 December.

MCOB 9.5.1RRP
(1) MCOB 6.1 to MCOB 6.6 (with the modifications stated in MCOB 9.5.2 R to MCOB 9.5.4 R) apply to an equity release provider where the home finance transaction is an equity release transaction, except that those provisions that by their nature are only relevant to regulated mortgage contracts do not apply to home reversion plans (see MCOB 9.1.2A G).3(2) The table in MCOB 9.5.2 R shows how the relevant rules and guidance in MCOB 6 must be modified by replacing the cross-references
MCOB 9.5.4RRP
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
MCOB 9.6.1RRP
(1) 3(a) MCOB 7.1 to MCOB 7.3, MCOB 7.5 and MCOB 7.6 (as modified by this section) apply to a firm where the home finance transaction is a lifetime mortgage.3(b) MCOB 7.1 to MCOB 7.3 (as modified by this section) apply to a firm where the home finance transaction is a home reversion plan, except that those provisions that by their nature are only relevant to regulated mortgage contracts do not apply to home reversion plans (see MCOB 9.1.2A G).3(2) The table in MCOB 9.6.2 R shows
MCOB 9.6.4RRP

Table of rules in MCOB 7 which do not apply in relation to2 lifetime mortgage2:

This table belongs to MCOB 9.6.1R.

Subject

Rule

Annual statements: content

MCOB 7.5.4R

Business loans

MCOB 7.7
MCOB 12.5.2RRP
A firm must ensure that its charges to a customer in connection with the firmentering into, making a further advance or further release on, administering, arranging or advising on a regulated mortgage contract,2home reversion plan or regulated sale and rent back agreement2, or arranging or advising on a variation to the terms of a regulated mortgage contract,2home reversion plan or regulated sale and rent back agreement2are not excessive.1122
MCOB 12.5.5RRP
3A second charge lender may only charge interest on charges applied to a customer for breach of a second charge regulated mortgage contract if the interest is simple interest.
CONC 15.1.2GRP
Firms which carry on consumer credit lending or credit broking should comply with all rules which apply to that regulated activity in CONC and other parts of the Handbook. For example, CONC 7 applies to matters concerning arrears, default and recovery (including repossession) and applies generally, including to agreements to which this chapter applies. This chapter sets out specific additional requirements and guidance that apply in relation to credit agreements secured on land
CONC 15.1.3GRP
The financial promotion rules in CONC 3 apply to firms'financial promotions concerning credit agreements secured on land, apart from the extent to which a financial promotion or communication concerns qualifying credit. CONC 3.3.1 R requires financial promotions to be clear fair and not misleading; firms should take particular care with respect to explaining the nature of the credit to be provided and the costs of borrowing.
MCOB 1.3.4RRP
[deleted]8
MCOB 1.3.5GRP
Parts of MCOB relate to distance contracts (or distance mortgage mediation contracts and distance home purchase mediation contracts2) with consumers3. These expressions are derived from the Distance Marketing Directive, and the following paragraphs provide some guidance to firms on their meaning:3(1) consumer3The rules which implemented the Distance Marketing Directive apply8 for distance contracts with 'any natural person who is acting for purposes which are outside his trade,
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]
MCOB 3B.1.2RRP
A firm must make available clear and comprehensible information about MCD regulated mortgage contracts at all times on paper, or on another durable medium or in electronic form, that includes:(1) the identity and the geographical address of the firm;(2) the purposes for which the credit may be used;(3) the forms of security3;(4) the possible duration of the MCD regulated mortgage contracts;(5) the types of available borrowing rate, indicating whether fixed or variable or both,
MCOB 3B.1.3GRP
(1) A firm may make the information in MCOB 3B.1.2 R available by publishing it on a website.(2) The MCD regulated mortgage contracts in MCOB 3B.1.2 R are those offered or entered into by the firm.
PERG 4.14.2GRP
In the FCA's view, the following exclusions are likely, in many cases, to exclude the normal activities of professional firms from amounting to regulated mortgage activities:(1) article 67 of the Regulated Activities Order (Activities carried on in the course of a profession or non-investment business), which applies in relation to the advising and arranging activities (see PERG 4.10.1 G);(2) article 66 of the Regulated Activities Order (Trustees, nominees and personal representatives)
PERG 4.14.3GRP
In addition, a professional firm may, in certain circumstances, be able to use the Part XX exemption to avoid any need for authorisation. PROF 2 (Status of exempt professional firm) contains general guidance on the Part XX exemption. In particular, PROF 2.1.9 G explains that the Treasury have specified certain regulated activities to which the Part XX exemption cannot apply in the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities Order 2001 ("the Non-Exempt
MCOB 2A.2.3RRP
An MCD mortgage lender may request the consumer, family member or close relation of the consumer to:(1) open or maintain a payment or a savings account, where the only purpose of the account is to accumulate capital to repay the credit, to service the credit, to pool resources to obtain the credit, or to provide additional security for the MCD mortgage lender in the event of default;(2) purchase or keep an investment product or a private pension product, where such product primarily
MCOB 2A.2.5RRP
An MCD mortgage lender may require the consumer to hold a relevant insurance policy related to the MCD regulated mortgage contract but, where it does so, the MCD mortgage lender must accept an insurance policy from a supplier different to his preferred supplier where such policy has a level of guarantee equivalent to the one the MCD mortgage lender has proposed.[Note: article 12(4) of the MCD]