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) (c. 17)

ANNEX III U.K. MINIMUM KNOWLEDGE AND COMPETENCE REQUIREMENTS

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.