S.L. 371.21 Art. 26Obligation to disclose correct information.

(1) Consumers shall provide creditors with complete and correct information on their financial situation and personal circumstances in the context of the application process for an equity release financial product.

(2) The information referred to in sub-regulation (1) shall be supported, when necessary, by documentary evidence from independently verifiable sources.

(3) In order for the creditor to make a decision on whether or not to grant the credit under the equity release financial product, the creditor shall at the pre-contractual phase, clearly specify the information, including independently verifiable evidence where necessary, that the consumer needs to provide.

(4) Creditors shall state the timing by which consumers are required to provide such information.

(5) This regulation is without prejudice to the application of the Data Protection legislation.