Credits

Am I subject to the examination obligation in credit intermediation?

Access to the profession

The financial world is evolving every day. Today, the emphasis is more than ever on high value-added financial advice for the customer. Know-how lies at the heart of the trust that is central to your customer relationships. This trust has its origins in the regulated exercise of the profession, the monitoring and supervision of which is carried out by the FSMA. This means that you must be registered as an intermediary vis-à-vis the FSMA.

FSMA recognition

The Law of 26 October 2015 on intermediaries in consumer and mortgage credit introduced a legal status for the so-called ‘intermediaries in credit intermediation’. This legislation was laid down by the FSMA.

 

To obtain your registration as an ‘intermediary’, you must satisfy a number of legal conditions which, among other things, guarantee the required professional knowledge. The professional knowledge is acquired by passing an exam. With the credit intermediation exam, Febelfin Academy, as an examination provider recognised by the FSMA, offers you the opportunity to obtain the required professional knowledge.

You must achieve a minimum of 60% for each individual exam. Upon successful completion of your exam, you receive a certificate recognised by the FSMA. You can then add the certificate when submitting your FSMA registration file.

Are you required to take the exam?

Yes, in your capacity as a credit intermediary (in consumer or mortgage credit) or in the capacity as:

  • member of the statutory management body of the intermediaries as regards mortgage credits. Non-executive directors and effective managers who do not bear the responsibility for or supervise the credit intermediation activities can demonstrate that their basic knowledge is sufficient by being in possession of a higher secondary education diploma.
  • effective manager of a credit intermediary in consumer or mortgage credit.
  • the one responsible for the distribution (RD) of a credit intermediary in consumer or mortgage credit or of a creditor who exercises the business of credit intermediation. Any natural person belonging to the management of a creditor, a credit intermediary or any employee employed by such a person who has de facto responsibility for or supervises the credit intermediation activity.
  • person in contact with the public (PCP) of a credit intermediary and of a creditor that exercises the business of credit intermediation. A person in contact with the public is a member of staff of a creditor or a credit intermediary who, in any way whatsoever, is in contact with the public in the matter of proposing or providing information about credit agreements.

You are exempt from these exams (3 modules) if

  • you were able to make use of the transitional regime until 30 April 2017.
  • you hold a Master’s degree
  • you are the holder of a Bachelor’s degree, the curriculum of which includes at least 11 study points of theoretical knowledge in credit intermediation or an equivalent percentage of the study load (see www.fsma.be/nl/tussenpersoon-kredietgevers)
  • you hold an equivalent foreign degree.
  • you hold a certificate of higher secondary education -> only for intermediation in consumer credit - Agents in ancillary function - Type 1: applicable to RDs and PCPs and to persons charged with the actual management, but who are not responsible for and do not supervise operations.

Which exams do you have to take?

1/ Module 1: General principles of credit intermediation - mandatory module

This exam is common (and mandatory) to the activity of credit intermediation in consumer and mortgage credit.

2/ Module 2: Consumer credits - optional depending on the credits that you offer

The RDs and the PCPs for an agent in an ancillary position are only required to take an exam on the basic knowledge of modules 1 and 2, provided that the credits offered are exclusively intended for goods or services sold by the agent itself. An agent in an ancillary position is a consumer credit intermediary whose main activity is the sale of goods and services of a non-financial nature (such as a car dealership) and who acts on behalf of one or more creditors as ancillary position.

3/ Module 3: Mortgage credits - optional depending on the credits that you offer

​​​​​​