MCOB - APRC, Shortfalls and Charges
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30 Minutes -
For all staff
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UK
MCOB rules on the Annual Percentage Rate of Charge, shortfalls and charges apply to home finance businesses, with APRC disclosure required in all financial promotions so that loans can be compared. This 30-minute course explains what APRC and total charge for credit are and how they are calculated, the assumptions applied in the calculation, and the rules governing shortfalls and charges.
Errors in APRC calculation or disclosure affect every promotion issued while the error persists, which makes remediation costly and highly visible. The assumptions behind the figure are where mistakes are made. Training the marketing, product and compliance staff who produce and approve promotions catches those errors before publication rather than after a supervisory review.
What you’ll learn in
this course
- Understand what APRC and total charge for credit are, and how they are calculated
- Recognise the assumptions made when calculating APRC and total charge for credit
- Know what you have to do to ensure that our customers are treated fairly
- Recognise the different types of charges
- Recognise good and poor practice in respect of payment and sale shortfalls
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