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Mortgages and Home Finance: Conduct of Business Sourcebook MCOB Contents

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Mortgages and Home Finance: Conduct of Business Sourcebook MCOB Contents Mortgages and Home Finance: Conduct of Business Sourcebook MCOB Contents Mortgages and Home Finance: Conduct of Business Sourcebook MCOB 1 Application and purpose 1.1 Application and purpose 1.2 General application: who? what? 1.3 General application: where? 1.5 Application to appointed representatives 1.6 Distinguishing regulated mortgage contracts and regulated credit agreements 1 Annex 1 [deleted] 1 Annex 2 [deleted] 1 Annex 3 [deleted] 1 Annex 4 [deleted] MCOB 2 Conduct of business standards: general 2.1 Application 2.1A Regulated mortgage contracts: guidance on the meaning of“payment shortfall” 2.3 Inducements: regulated mortgage contracts, home reversion plans and regulated sale and rent back agreements 2.4 High pressure sales: regulated mortgage contracts, home reversion plans and regulated sale and rent back agreements 2.5 Reliance on others 2.5A The customer's best interests 2.6 Exclusion of liability 2.6A Protecting customer’s interests: regulated mortgage contracts, home purchase plans, home reversion plans and regulated sale and rent back agreements 2.7 Application to electronic media and distance communications 2.7A E-Commerce 2.8 Record keeping 2.9 Restriction on marketing or providing an optional product for which a fee is payable 2 Annex 1G Form of joint instruction letter MCOB 2A Mortgage Credit Directive 2A.1 Remuneration: MCD regulated mortgage contracts 2A.2 Tying practices 2A.3 Foreign currency loans 2A.4 Early repayment 2A.5 Variable rate credits 2A.6 Information free of charge MCOB–i www.handbook.fca.org.uk I Release 11G Sep 2021 MCOB Contents MCOB 3A Financial promotions and communications with customers 3A.1 Application and purpose 3A.2 The fair, clear and not misleading rules 3A.3 Other general requirements forfinancial promotions 3A.4 Qualifying creditfinancial promotions 3A.5 MCDfinancial promotions 3A.6 Home purchase planfinancial promotions 3A.7 Home reversion planfinancial promotions 3A.8 Sale and rent backfinancial promotions 3A.9 Systems and controls MCOB 3B MCD general information 3B.1 Provision of general information MCOB 4 Advising and selling standards 4.1 Application 4.2 Purpose 4.4A Initial disclosure requirements 4.5 Additional disclosure for distance mortgage mediation contracts, distance home purchase mediation contracts and distance regulated sale and rent back mediation contracts with retail customers 4.6 Cancellation of distance mortgage mediation contracts, distance home purchase mediation contracts and distance regulated sale and rent back mediation contracts 4.6A Rolling-up of fees or charges into loan 4.7A Advised sales 4.8A Execution-only sales 4.9 Business loans and loans to high net worth mortgage customers: tailored provisions 4.10 Home purchase plans: sales standards 4.11 Sale and rent back: advising and selling standards 4 Annex 3 Additional information requirements in respect of distance mortgage mediation contracts, distance home purchase mediation contracts and distance regulated sale and rent back mediation contracts with consumers MCOB 4A Additional MCD advising and selling standards 4A.1 Additional disclosure by MCD mortgage credit intermediaries 4A.2 Adequate explanations 4A.3 Record of recommendation MCOB 5 Pre-application disclosure 5.1 Application 5.2 Purpose 5.3 Applying for a homefinance transaction I Release 11G Sep 2021 www.handbook.fca.org.uk MCOB–ii MCOB Contents 5.4 Information on regulated mortgage contracts: general 5.5 Provision of illustrations 5.6 Content of illustrations 5.7 Business loans and loans to high net worth mortgage customers: tailored provisions 5.8 Home purchase plans 5.9 Pre-sale disclosure for regulated sale and rent back agreements 5 Annex 1 The mortgage illustration: table of contents, prescribed text and prescribed section headings and subheadings. MCOB 5A MCD Pre-application disclosure 5A.1 Application and purpose 5A.2 Applying for an MCD regulated mortgage contract 5A.3 Information on MCD regulated mortgage contracts: general 5A.4 Provision of a European Standardised Information Sheet (ESIS) 5A.5 Content of European Standardised Information Sheets (ESISs) 5A.6 Other information 5A Annex 1 European Standardised Information Sheet (ESIS) 5A Annex 2 Instructions to complete the ESIS MCOB 6 Disclosure at the offer stage 6.1 Application 6.2 Purpose 6.3 General 6.4 Mortgages: content of the offer document 6.5 Mortgages: information to be provided in the offer document or separately 6.6 Mortgages: offer documents in place of illustrations 6.7 Business loans and loans to high net worth mortgage customers: tailored provisions 6.8 Home purchase plans 6.9 Regulated sale and rent back agreements 6 Annex 1 Distance home purchase plans: information to be provided to retail customers. 6 Annex 2 - Written Pre-offer Document of a regulated sale and rent back agreement. 6 Annex 3 - Cooling-Off Document of a regulated sale and rent back agreement. MCOB 6A MCD disclosure at the offer stage 6A.1 Application and purpose 6A.2 General 6A.3 MCD mortgages: binding offer, content of the offer document and reflection period 6A.4 MCD mortgages: information to be provided in the offer document or separately 6A.5 MCD distance contracts with retail customers MCOB–iii www.handbook.fca.org.uk I Release 11G Sep 2021 MCOB Contents MCOB 7 Disclosure at start of contract and after sale 7.1 Application 7.2 Purpose 7.3 General 7.4 Mortgages: disclosure at the start of the contract 7.5 Mortgages: statements 7.6 Mortgages: event-driven information 7.7 Business loans and loans to high net worth mortgage customers: tailored provisions 7.8 Home purchase plans 7.9 Post-sale disclosure for regulated sale and rent back agreements 7 Annex 1 An example of the Total Borrowing section. MCOB 7A Additional MCD disclosure: start of contract and after sale 7A.1 Application and general 7A.2 Notification of interest-rate changes 7A.3 Early repayment disclosure 7A.4 Foreign currency loans and significant exchange-rate movement disclosure 7A.5 Notification of changes resulting from auctions on the capital market MCOB 7B MCD: further advances 7B.1 Information to be provided for further advances MCOB 8 Equity release: advising and selling standard 8.1 Application 8.2 Purpose 8.3 Application of rules in MCOB 4 8.4 [deleted] 8.5A Advised sales 8.6A Execution-only sales 8.7 Initial disclosure information: unauthorised reversion provider 8 Annex 1 Initial disclosure document [deleted] 8 Annex 2 Combined initial disclosure document [deleted] MCOB 9 Equity release: product disclosure 9.1 Application 9.2 Purpose 9.3 Pre-application disclosure 9.4 Content of illustrations 9.5 Disclosure at the offer stage for equity release transactions 9.6 Disclosure at the start of the contract and after sale for equity release transactions 9.7 Disclosure at the start of the contract: lifetime mortgages 9.8 Disclosure after sale: lifetime mortgages I Release 11G Sep 2021 www.handbook.fca.org.uk MCOB–iv MCOB Contents 9.9 Disclosure after sale: home reversion plans 9 Annex 1 The illustration: table of contents, prescribed text and prescribed section headings and subheadings 9 Annex 2 The illustration: table of contents, prescribed text and prescribed section headings and sub-headings MCOB 10 Annual Percentage Rate 10.1 Application 10.2 Purpose 10.3 Formula and assumptions for calculating the APR 10.4 Total charge for credit MCOB 10A MCD Annual Percentage Rate of Charge 10A.1 Calculation of the APRC 10A.2 APRC: mathematical formula and assumptions 10A.3 APRC: additional assumptions MCOB 11 Responsible lending, and responsiblefinancing of home purchase plans 11.4 Application 11.5 Purpose 11.6 Responsible lending andfinancing 11.7 Transitional arrangements 11.8 Customers unable to change regulated mortgage contract, home purchase plan or provider 11.9 Remortgaging with the same or a different lender with no additional borrowing MCOB 11A Additional MCD responsible lending requirements 11A.1 MCD mortgage credit intermediary: submission of information to MCD mortgage lender 11A.2 Prohibition on cancellation or variation of MCD regulated mortgage contract on grounds of creditworthiness 11A.3 Obtaining information for, and assessment of, affordability from the consumer and rejecting an application MCOB 12 Charges 12.1 Application 12.2 Purpose 12.3 Early repayment charges: regulated mortgage contracts 12.4 Payment shortfall charges: regulated mortgage contracts 12.5 Excessive charges: regulated mortgage contracts, home reversion plans and regulated sale and rent back agreements MCOB–v www.handbook.fca.org.uk I Release 11G Sep 2021 MCOB Contents 12.6 Business loans and loans to high net worth mortgage customers: tailored provisions 12.7 Home purchase plans MCOB 13 Arrears, payment shortfalls and repossessions: regulated mortgage contracts and home purchase plans 13.1 Application 13.2 Purpose 13.3 Dealing fairly with customers with a payment shortfall: policy and procedures 13.4 Arrears: provision of information to the customer of a regulated mortgage contract 13.4A Data sharing with other charge holders 13.5 Dealing with a customer in arrears or with a sale shortfall on a regulated mortgage contract 13.6 Repossessions 13.7 Business loans and loans to high net worth mortgage customers: tailored provisions 13.8 Home purchase plans MCOB 14 MCD article 3(1)(b) credit agreements 14.1 Handbook provisions which apply in respect of MCD article 3(1)(b) credit agreements MCOB 15 P2P homefinance activities 15.1 Handbook provisions which apply in respect of homefinance transactions entered into via a P2P platform 15.2 Guidance on the application
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