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Conduct of Business Requirements (2) (MCOB Key Elements (MCOB1:…
Conduct of Business Requirements (2)
Mortgage and Home Finance Sourcebook (MCOBS)
Rules
Property loan must be in the UK
40% occupation of property (unless consumer BTL)
Banks/Building Societies/Specialists must authorised
Covers
First-charge loans on Res. Property
Second-charge loans on Res. Property
Consumer Buy-to-let
Not for business purpose by borrower
T&C requirements
Authorised Seller (CeMAP)
MCOB Key Elements
MCOB1: Application and purpose
MCOB2: Conduct of business standards: General
MCOB2A: Mortgage Credit Directive
MCOB3A: Financial Promotions
MCOB:3B MCD general information
MCOB4 and 4A: Advising and selling standards
MCOB5 and 5A: Pre-application disclosure
MCOB6 and 6A: Disclosure at the offer stage
MCOB 7 and 7A: Disclosure at start of contract and after sale
MCOB 8 and 9: Equity Release
MCOB 10: Annual percentage rate
MCOB 10A: Annual percentage rate of charge
MCOB 11 and 11A Responsible lending
MCOB 12: Charges
MCOB13: Arrears and repossessions
Mortgage Advice
Advice
Basic advice
Stakeholder products
Basic advice IDD
Scripted questions
Generic advice
Information only
Focused advice
Advice limited by the customer
Simplified advice
Advice limited by the firm
Execution Only
Business borrowers
High-net-worth clients
Mortgageprofesionals
Suitability Process
Assess suitability
Assess type of mortgage
Select mortgage/provider
Insurance: Conduct of Business Sourcebook
ICOBS Key Elements
ICOBS I: The Scope of the rules
ICOBS2: General matters
ICOBS3: Distance communications
ICOBS4: Inforamtion about the firm/services/remunertation
ICOBS5: Identify client needs and advising
ICOBS6: Produce information
ICOBS7: Cancellation
ICOBS8: Claims Handling
Banking: Conduct of Business Sourcebook
BCOBS Key Elements
BCOBS1: Application
BCOBS2: Communications with banking customers/financial promtions
BCOBS2A: Restriction on marketing or providing and optional product for which a fee is payable
BCOBS3: Distance communications and e-commerce
BCOBS4: Information to be communicated to banking customers and statements of account
BCOBS5: Post-sale requirements
BCOBS6: Cancellation
Payment Services Directive
Payment Services Regulations
Payment Systems Regulator
Firms Covered
Banks
Building Societies
E-money issuers
Money remitters
Non-bank credit card issers
Non-bank merchant acquirers
The Standard of Lending Practice
Products
Unsecured loans
Overdrafts
Credit cards
Key Requirements
Financial Promotions/communications
Product sales
Account maintenance/servicing
Money management
Financial difficulty
Customer vulnerability
Self Regulated