MCOB 15.5 MCOB provisions disapplied from P2P platform operators

The rules in the following provisions of MCOB do not apply to an MCD mortgage credit intermediary, where that firm is a P2P platform operator facilitating a regulated mortgage contract where the lender does not require permission to enter into the contract:

1. (1)

   MCOB 2A (Mortgage Credit Directive);

2. (2)

   MCOB 3A.5 (MCD financial promotions);

3. (3)

   MCOB 3B (MCD general information);

4. (4)

   MCOB 4.4A.4R (range of products);

5. (5)

   MCOB 4A (additional MCD advising and selling standards);

6. (6)

   MCOB 5.6.113R to 5.6.117R (payments to mortgage intermediaries) do not apply to a mortgage intermediary which is a P2P platform operator where the lenders under regulated mortgage contracts entered into by a particular borrower do not require permission for entering into regulated mortgage contracts. In this case Section 14 of the illustration must be renumbered 13;

7. (7)

   MCOB 5A (MCD pre-application disclosure);

8. (8)

   MCOB 6A (MCD disclosure at the offer stage);

9. (9)

   MCOB 7A (additional MCD disclosure: start of contract and after sale); and

10. (10)

    MCOB 11A (additional MCD responsible lending requirements).