Topic 21

Question 1

Where are the rules on mortgage advice located

Answer 1

Conduct of business MCOB sourcebook

Question 2

What was extended in march 2016

Answer 2

MCOB to cover second charge loans

Question 3

What is not included under MCOB but under mortgage credit directive

Answer 3

Consumer buy to let mortgages

Question 4

How long must non real time promotions on mortgage be retained

Answer 4

One year after their last use

Question 5

What is not a requirement for a mortgage adviser to provide

Answer 5

Initial disclosure document as long as information is clearly communicated

Question 6

How long is it a customer must be given information on arrears in mcob

Answer 6

15 working days of the lender becoming aware of arrears

Question 7

What customers are classed as vulnerable customers in respect of mortgages

Answer 7

Buying a property using statutory right to buy, entering sale and rent back guarantee, equity release applicants

Question 8

Examples of committed expenditure

Answer 8

Repayments on credit agreements

Question 9

Example of basic essential expenditure

Answer 9

Food, house keeping costs, utilities, phone, council tax

Question 10

Basic advice is

Answer 10

Limited form of advice that applies to stakeholder products

Question 11

What is core investment advice

Answer 11

Aimed at clients with simple straightforward needs

Question 12

What is robo advice

Answer 12

Class of financial advisers that provide financial advice or portfolio management online with minimal human intervention