MCOB 8.1 Application

This chapter applies to a firm in a category listed in column (1) of the table in MCOB 8.1.2 R in accordance with column (2) of that table.

MCOB 8.6A only applies to an equity release provider in relation to entering into an equity release transaction where there is no firm which is arranging (bringing about) the equity release transaction to which MCOB 8.6A applies.

1. (1)

   This chapter applies to a firm which in the course of carrying on an equity release activityenters into, advises on or arranges an equity release transaction or a variation of the terms of an equity release transaction.

2. (2)

   In respect of arranging or advising on a home reversion plan for a customer who is acting in his capacity as an unauthorised reversion provider, only MCOB 8.1, MCOB 8.2 and MCOB 8.7 apply.

1. (1)

   Initial disclosure requirements apply only in relation to varying the terms of an equity release transaction entered into by the customer in any of the following ways:

   1. (a)

      adding or removing a party;

   2. (b)

      taking out a further advance; or

   3. (c)

      switching all or part of the lifetime mortgage from one interest rate to another.

2. (2)

   Otherwise, this chapter applies in relation to any form of variation of an equity release transaction.