S.L. 371.21 Art. 10Financial education of consumers.

(1) The competent authority shall promote measures that support the education of consumers in relation to equity release financial products.

(2) The competent authority shall provide clear and general information to consumers on equity release financial products, in order to guide consumers, especially those entering into an equity release financial product for the first time. The competent authority shall also disseminate information to consumers regarding the guidance which may be published from time to time by creditors in accordance with sub-regulation (5), as well as regarding any guidance on equity release financial products, which may be provided to consumers by consumer organisations from time to time.

(3) In order to carry out the obligation prescribed in sub-regulation (2), the competent authority may request the assistance of creditors, in writing, who shall assist and provide the competent authority in a timely manner, with any information which the competent authority may require.

(4) The competent authority may also request creditors, in writing, to provide clear and general information to consumers on equity release financial products, in order to guide consumers, especially those entering into an equity release financial product for the first time.

(5) Any information provided to consumers by the competent authority in accordance with sub-regulation (2) and any information which creditors are required to provide to consumers in accordance with sub-regulation (4) shall be made publicly available.