MCOB

The following issue updates are available for MCOB.

APR calculations

9 July 2009 | Explains what the Annual Percentage Rate of Charge (APR) is and how it is calculated.

Consumer Credit Act "wealth warnings"

9 July 2009 | This page explains the prescribed text for "wealth" warnings which must appear in advertisements for mortgage products.

Consumer Credit Act 2006: Removal of the £25,000 financial limit and impact of Section 82 of the CCA 1974

1 December 2009 | The Legislative Reform Order (LRO) to ensure that buy-to-let loans remain unregulated came into force on 31 October 2008. A copy of the LRO is included on this page. Members may wish to consider a possible legal issue that has recently been raised in relation to the LRO.

Equity release

9 July 2009 | This provides an overview of the current position on equity release, including an update on the FSA work on good practices in the lifetime mortgage market.

EU draft directive on consumer rights

5 November 2009 | The draft directive on consumer rights has recently been the subject of a consultation by DBERR to ascertain its implications for the UK. It could have some limited impact on UK financial services including mortgages.

Financial promotions

9 July 2009 | This page provides information on how to meet the advertising requirements of the FSMA and CCA regimes.

FSA's comparative information tables

1 December 2009 | This page gives information about the FSA's comparative tables.

FSA's Key Facts logo

9 July 2009 | Explains that the FSA's Key Facts logo is a registered trademark, and that where it appears on documents as prescribed by the FSA, it must be shown with the ® trademark symbol.

Mortgage Code

9 July 2009 | This page provides a background note on the history of the Mortgage Code.

Mortgage exit administration fees

27 May 2009 | This page summarises the FSA's activities in relation to promoting good practice on mortgage exit administration fees.

Mortgage regulation – background

9 July 2009 | Sets out the background to the development of the mortgage regulation regime.

Mortgage regulation - Financial Services Authority (FSA) effectiveness review of MCOB

9 July 2009 | This summarises the results of the two stages of the FSA's review of the effectiveness of its Mortgages: Conduct of Business (MCOB) rules.

Mortgage regulation - recent developments

2 March 2010 | This page summarises recent developments on mortgage regulation issues which are not covered on separate pages within our website. Updated for members to include details of the FSA's enforcement penalty framework.

Non-advised sales – scripted questions

9 July 2009 | The FSA's Mortgage Conduct of Business rules require mortgage lenders and mortgage intermediaries to structure non-advised mortgage sales by using scripted questions. This page sets out some of the issues which we believe you will want to take into consideration when devising the scripted questions for use by your firm.

Training and competence

8 May 2009 | This page summarises the Financial Services Authority's requirements for staff to be trained and competent to carry out their jobs.

Treating customers fairly: responsibilities of providers and distributors

9 July 2009 | This page summarises the key points raised in an FSA discussion paper (DP06/4) published on 28 September 2006, and the subsequent Policy Statement (PS07/11) which was published in July 2007.