The EBA consults on Guidelines on the establishment of national lists or registers of credit services

EBA has initiated a public consultation on its draft Guidelines concerning the establishment and maintenance of national lists or registers of credit servicers under NPLD. The consultation period will extend until 26 October 2023. The proposed Guidelines aim to improve transparency for both credit buyers and borrowers, promoting uniformity across the EU.
The Guidelines put forth specifications for the information that these national lists or registers should include. The objective is to facilitate transparency, create a level playing field, and offer a standardized framework. The proposed Guidelines cover the content of the lists or registers, their accessibility, and the timeframes for updating them. Additionally, the Guidelines aim to make it easier for borrowers to access information regarding complaint handling processes offered by competent authorities.
The content of the lists or registers is outlined, including essential details about credit servicers such as their name, address, home Member State, authorization status, ability to hold funds from borrowers, and information on complaint filing procedures. The proposed Guidelines also suggest that these lists or registers should be accessible online around the clock, without the need for registration, and free of charge.
To ensure efficient information sharing, the Guidelines recommend the use of a template for communication between home and host competent authorities regarding credit servicers‘ activities across different Member States. Furthermore, the Guidelines require competent authorities to provide links to the EBA’s dedicated website, which provides an overview of all competent authorities in the EU handling complaints under the NPLD.