MCOB - APRC, Shortfalls & Charges Course

The Mortgage Conduct of Business (MCOB) for the Annual Percentage Rate of Charge (APRC), shortfalls, and charges apply to home finance businesses.

The APRC is used to compare loans, and the UK mortgage regulations require its disclosure in all financial promotions. In the interest of fair customer treatment, disclosure rules also state that charges are transparent.

Our MCOB for APRC, Shortfalls & Charges Course explains the FCA's business rules for calculating the APRC and charges as well as dealing with shortfalls.

About this Course

Available as part of our FCA Compliance Library.

Learning Objectives

This course will prepare your employees to:

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

Latest Course Updates

Course redesigned with a more modern feel
Full review conducted by an FCA expert
Text & image updates throughout the course

Course outline

Welcome

What is MCOB - APRC, Shortfalls & Charges?

Introduction

Assumptions involved in calculating APRC

Total charge for credit

- Total charge for credit exclusions
- Exercise: Total charge for credit

Charges

- Exercise: Charges

Dealing with payment shortfall charges

- Calculating costs: What is and is not acceptable?
- Exercise: Good or poor practice?
- Safeguarding against excessive charges
- Exercise: Averaging fees
- Charging for payment shortfalls
- Going the extra mile
- Exercise: Dealing with payment shortfalls
- Exercise: Dealing with payment shortfalls -2
- Exercise: Dealing with payment shortfalls - 3
- Exercise: Dealing with payment shortfalls -4
- Providing information to customers with payment shortfalls
- Exercise: Providing information to business customers

Repossessions

- Sales shortfalls

Record keeping

- Exercise: The contents of records

Summary

Affirmation

Assessment

Course Specifications

Structure

Approximately 30-minute long e-learning course followed by a 10-question assessment.

Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.

Compatibility

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.