MCOB 7.2 Purpose

  1. (1)

    This chapter amplifies Principle 6 and Principle 7.

  2. (1A)

    2This chapter requires information to be supplied to customers at the start of a2 regulated mortgage contract to enable them to check that the regulated mortgage contract has been set up in accordance with their requirements and to notify them of the first and subsequent payments.

  3. (2)

    Where a firm provides services to a customer in relation to a further advance, rate switch, or addition or removal of a party to a regulated mortgage contract, this chapter also requires that the customer is provided with an illustration to make clear the price and features associated with that variation.1

  4. (3)

    This chapter also ensures that customers are supplied with information which enables them to check the payments and charges on a home finance transaction2, to keep track of the transactions on, and the features of, a home finance transaction 2and to be kept informed of material changes.

  5. (4)

    To ensure that a customer has a record of the information required by this chapter, MCOB 7.3.2 R requires the information to be provided to the customer in a durable medium.