Article 16 › 3

Where advisory services are provided to consumers, Member States shall require that creditors and, where applicable, credit intermediaries: (a) obtain the necessary information regarding the consumer’s financial situation, preferences and objectives related to the credit agreement, in order for the creditor or the credit intermediary to recommend credit agreements that are suitable to the consumer; (b) assess the financial situation and the needs of the consumer on the basis of the information referred to in point (a), which shall be up to date at the time of the assessment, taking into account reasonable assumptions as to the risks to the consumer’s financial situation over the term of the recommended credit agreement; (c) consider a sufficiently large number of credit agreements in their product range and on that basis recommend one or more credit agreements from among that product range that are suitable to the consumer’s needs, financial situation and personal circumstances; (d) act in the best interests of the consumer; and (e) give the consumer a record of the recommendation provided, on paper or on another durable medium chosen by the consumer and specified in the contract for the provision of advisory services.

1 national measure recorded under this provision, in 1 form — sign in to view the analysis.

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Source: EUR-Lex CELLAR · retrieved 2026-07-30