Article 16 › 4

Member States may prohibit the use of the terms ‘advice’ and ‘advisor’ or similar terms when the advisory services are being marketed and provided to consumers by creditors or, where applicable, credit intermediaries. Where Member States do not prohibit the use of the terms ‘advice’ and ‘advisor’ or similar terms, they shall impose the following conditions on the use of the term ‘independent advice’ or ‘independent advisor’ by creditors and credit intermediaries providing advisory services: (a) creditors and, where applicable, credit intermediaries shall consider a sufficiently large number of credit agreements available on the market; and (b) credit intermediaries shall not be remunerated for the advisory services by one or more creditors. Point (b) of the second subparagraph shall apply only where the number of creditors considered is less than a majority of the market. Member States may impose more stringent requirements for the use of the terms ‘independent advice’ or ‘independent advisor’ by creditors and, where applicable, credit intermediaries.

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