Yes, the use of such terms should be prohibited for Credit intermediaries. Credit intermediaries continue to fall outside the Central Bank’s Consumer Protection Code and are currently subject to a...
3.9 Article 16(4) of CCD2
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Providing advisory services is an activity that may be combined with other aspects of granting or intermediating credit. Given the importance which consumers attach to the use of the terms 'advice' and 'advisors', Member States may prohibit the use of those terms, or of similar terms, where such advisory services are being provided to consumers by creditors or credit intermediaries. It is appropriate to ensure that Member States impose safeguards where advice is described as independent to ensure that the range of products considered and remuneration arrangements are commensurate with consumers' expectations of such advice.
Question 9 – Should the use of the terms “independent advice” and “independent advisor” or other similar terms be prohibited where these services are provided by the credit provider or credit intermediary?
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Materials
Observations
Observations
Credit unions offer various services, including financial reviews and product guidance tailored to members' needs, acting as intermediaries between consumers and product providers. These services are...
No. The Central Bank of Ireland (CBI) already has significant governing codes and safeguards in place regarding the provision of independent advice, as applicable to those firms that are regulated by...
No. It is prudent for consumers to be afforded the opportunity to seek independent advice, but it should be at their discretion, for a number of reasons. Credit Unions are permitted under schedule 2...
We have no strong view on the prohibition of such terminology. A credit union can offer a range of services. This can include a review of a member’s current financial arrangements and advice on a...