Home FCA Handbook MCOB MCOB 13 MCOB 13.7 Business loans and loans to high net worth mortgage customers: tailored provisions
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MCOB 13.7 Business loans and loans to high net worth mortgage customers: tailored provisions

26/11/2021R

Where the regulated mortgage contract is for a business purpose or is with a high net worth mortgage customer, a firm may as an alternative to MCOB 13.4.1 R(1) provide the following information in a durable medium instead of the MoneyHelper information sheet “Problems paying your mortgage”:

  1. (1)

    details of the consequences if the payment shortfall is not cleared;

  2. (2)

    a description of the options available to the customer for clearing the payment shortfall; and

  3. (3)

    (in the case only of loans for a business purpose) details of sources of fee-free advice for business customers.

26/04/2014G

Firms are reminded that in accordance with MCOB 1.2.3R, they should comply in full with MCOB, but in doing so may opt to take account of all tailored provisions in MCOB that relate to loans solely for a business purpose or loans to high net worth mortgage customers. Therefore, a firm may only follow the relevant tailored provisions in MCOB 13.7, if it also follows all other relevant tailored provisions in MCOB. In either case, the rest of MCOB applies in full.