The Mortgage Conduct of Business (MCOB) Advising and Selling standards apply to businesses that advise on or arrange mortgage contracts, equity release transactions, home purchase plans or sale and rent back agreements.
These standards highlight three of the FCA's Principles of Business that relate to customers' interests, communications with customers and relationships of trust with customers.
Our MCOB for Advising and Selling Course explains the FCA's business rules that apply to advising and selling in the home finance business.
Available as part of our FCA Compliance Library.
This course will prepare your employees to:
- Purpose of MCOB
- Range of products
- Examples of disclosures on product range
- Exercise: Remuneration
- Rolling up of fees & charges
- Contact by telephone
- Exercise 1: Online transactions
- Exercise 2: Online transactions
- Information versus advice
- Exercise: Information versus advice
- Obtaining information
- Appropriateness to needs & circumstances
- Assessment - special situations
- Decision to purchase
- Exercise: Assessing the affordability of Paul's mortgage
- Exercise: Verifying the income of self-employed customers
- The challenges of assessing affordability
- Exercise: The relationship between expenditure & affordability
- Key requirements: Income multiples
- Existing borrowers
- Exercise: Business customers
- Exercise: High Net Worth (HNW) mortgage customers
- Why some sales must always be advised
- Stress-testing affordability
- Treating customers fairly when assessing affordability
- Exercise: Customer rejects the recommendation
- Exercise: Customer enquires about an unsuitable mortgage
- When advice is rejected
- Rules for proceeding on an execution-only basis
- Debt consolidation
Approximately 45-minute long e-learning course followed by a 10-question assessment.
Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.
SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.
All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.
Fully customisable on Skillcast Portal CMS.
Pre-translated versions not available, but all text content can be exported for translation into all languages.
Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.