- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
3.—(1) Creditors and credit intermediaries must require their staff to possess and keep up-to-date an appropriate level of knowledge and competence in relation to—
(a)the manufacturing, offering or granting of consumer buy-to-let mortgage contracts,
(b)acting as a credit intermediary in relation to consumer buy-to-let mortgage contracts, or
(c)the provision of advisory services in respect of consumer buy-to-let mortgage contracts.
(2) The appropriate level of knowledge and competence referred to in sub-paragraph (1) must include at least—
(a)appropriate knowledge of consumer buy-to-let mortgage contracts and the ancillary services typically offered with them;
(b)appropriate knowledge of the laws relating to consumer buy-to-let mortgage contracts, in particular consumer protection;
(c)appropriate knowledge and understanding of the process for purchasing land;
(d)appropriate knowledge of security valuation;
(e)appropriate knowledge of the organisation and functioning of land registers;
(f)appropriate knowledge of the market in the United Kingdom for consumer buy-to-let mortgage business;
(g)appropriate knowledge of business ethics standards;
(h)appropriate knowledge of the consumer creditworthiness assessment process or, where applicable, competence in assessing consumers’ creditworthiness; and
(i)an appropriate level of financial and economic competency.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: