The Financial Services Authority has published key rules and a new section on its website for firms providing home reversion plans and Islamic home finance.
From 6 April, the mortgage conduct of business (MCOB) rules will apply to regulated mortgage contracts (which include lifetime mortgages), home purchase plans and home reversions.
The key rules on mortgages and home reversion plans provide details of what needs to be included in a key facts illustration, what must be involved in a firm’s complaints procedure, training and competence rules, and information about home purchase plans.
The new page on the FSA’s website explains the new terminology which will be included in the MCOB sourcebook, the long title of which will change to ‘mortgages and home finance: conduct of business sourcebook’.
It also includes frequently asked questions on home purchase plans and home reversion plans, as well as a section giving help with disclosure documents.
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