Paragraph 3 Knowledge and competence requirements for staff

(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.