Related provisions for MCOB 5.6.95
Description of interest rate types and rates of interest. This table belongs to MCOB 5.6.26R:
Description of the interest rate 
Amount payable in each instalment 
Lender's base mortgage rate  must be described as the [Lender]'s standard variable rate, currently X%, [where applicable insert the date at which the interest rate ends or period for which the interest rate applies]. 
Amount based on X%. 
Fixed rate  must be described as a fixed rate of X% [where applicable insert the date at which the interest rate ends or the period for which the interest rate applies]. 
Amount based on the fixed rate of X%. 
Discounted rate  must be described as a variable rate, currently X%, with a discount of Y% [where applicable insert the date at which the discount ends or the period for which the discount applies], giving a current rate payable of Z%. 
Amount based on Z%. 
Capped rate  must be described as a variable rate, currently X%, which will not go above a ceiling of Y% [where applicable insert the date at which the capped interest rate ends or the period for which the capped interest rate applies]. 
Amount based on the current interest rate payable (X%). 
Capped and collared  must be described as a variable rate, currently X%, which will not go below a floor of Y%, or above a ceiling of Z% [where applicable insert the date at which the capped and collared interest rate ends or the period for which the capped and collared interest rate applies]. 
Amount based on the current interest rate payable (X%). 
Tracker rate  must be described as a variable rate which is [X% above/X% below/the same as] [insert interest rate tracked, currently Z%,] [where applicable insert the date at which the rate ends or the period for which the interest rate applies], to give a current rate payable of Y%. Details should also be provided of how soon after an interest rate change the mortgage interest rate is adjusted. 
Amount based on Y%. 
Deferred rate  must be described as a variable rate, currently X%, where Y% is not paid now but is added to your mortgage [where applicable insert the date at which the deferred interest rate ends or the period for which the deferred interest rate applies], to give a current rate payable of Z%. 
Amount based on Z%. 
Stepped rate where different interest rates apply over different time periods (for example, fixed interest rate in year 1 changes in year 2). Each element should be dealt with individually as above. 
Amount for each of the 'steps'. 
Combinations of the above must be treated in the same way as the descriptions above, (for example, if a discounted interest rate has a 'floor' then it must be described as such). 
Follow the above treatment depending on the combination. 
 (1)
Before a pure protection contract is concluded, a firm must inform a customer of the information in the table below.
 (2)
The information must be communicated in a clear and accurate manner, in writing, and in an official language of the State of the commitment or in another language agreed by the parties.
Information to be communicated before conclusion 

(1) 
The name of the insurance undertaking and its legal form. 
(2) 
The name of the EEA State in which the head office and, where appropriate, the agency or branch concluding the contract is situated. 
(3) 
The address of the head office and, where appropriate, of the agency or branch concluding the contract. 
(4)* 
Definition of each benefit and each option. 
(5)* 
Term of the contract. 
(6)* 
Means of terminating the contract. 
(7)* 
Means of payment of premiums and duration of payments. 
(8)* 
Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate. 
(9) 
Arrangements for application of the cancellation period. 
(10) 
General information on the tax arrangements applicable to the type of policy. 
(11) 
The arrangements for handling complaints concerning contracts by policyholders, lives assured or beneficiaries under contracts including, where appropriate, the existence of a complaints body (usually the Financial Ombudsman Service), without prejudice to the right to take legal proceedings. 
(12) 
The law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the insurance undertaking proposes to choose. 
Note: The rule on midterm changes applies to items marked with an asterisk (see ICOBS 6.3.3 R). 
[Note: Annex III(A) to the Consolidated Life Directive]