Regulatory Alerts2022-06-10
Order on Competence Requirements for Mortgage Lenders and Mortgage Intermediaries
The Danish Ministry of Industry, Business and Financial Affairs, in collaboration with the Danish Financial Supervisory Authority, issued this order to implement EU directives regarding competence requirements for mortgage lenders and intermediaries. The regulation mandates that these entities ensure their employees possess sufficient knowledge of mortgage products, legal frameworks, property valuation, and financial assessment, as well as the ability to analyze consumer needs and advise on suitable solutions. Compliance requires maintaining systematic training programs, with new competence standards established after March 2019 no longer relying solely on prior employment experience.
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