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Directive 2014/17/EU of the European Parliament and of the CouncilShow full title

Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (Text with EEA relevance)

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1.The minimum knowledge and competence requirements for creditors’, credit intermediaries’ and appointed representatives’ staff referred to in Article 9 and for persons involved in the management of credit intermediaries or appointed representatives referred to in point (c) of Article 29(2) and Article 31(2) need to include at least:U.K.

(a)

appropriate knowledge of credit products within the scope of Article 3 and the ancillary services typically offered with them;

(b)

appropriate knowledge of the laws related to the credit agreements for consumers, in particular consumer protection;

(c)

appropriate knowledge and understanding of the immovable property purchasing process;

(d)

appropriate knowledge of security valuation;

(e)

appropriate knowledge of organisation and functioning of land registers;

(f)

appropriate knowledge of the market in the relevant Member State;

(g)

appropriate knowledge of business ethics standards;

(h)

appropriate knowledge of the consumer’s creditworthiness assessment process or where applicable, competence in assessing consumers’ creditworthiness;

(i)

appropriate level of financial and economic competency.

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