The amendment to the Consumer Credit Act does not only provide greater protection for consumers against financial institutions. As part of the amendment, the Chamber of Deputies tightened requirements for lenders themselves. Since December 2016, financial experts have 2 years to pass the required credit exams. If they do not pass, they must say goodbye to their previous practice. In what categories can the exams be passed and how long does it take to prepare for the exams?
The years 2016 and 2017 will be written in the history of Czech banking as a breakthrough period – never since the end of totalitarianism the financial market has not undergone the turbulence of changes it is experiencing in this period.
Efforts to regulate the mortgage market have resulted in their limited provision , while the amendment to the Consumer Credit Act has provided greater protection for consumers. It also includes the compulsory passing of credit tests. These are intended to guarantee the professional and moral competence of financial advisors and mortgage brokers in the future.
How do tests run?
The MoneySupport Bank is the guarantor of the proficiency tests. It also grants accreditation for their performance. You can choose from three areas :
- provision or intermediation of consumer credit other than housing,
- provision or intermediation of consumer tied consumer credit,
- provision or intermediation of consumer credit for housing.
The exam itself lasts 90 to 180 minutes – during this period, candidates must answer several dozen questions and carry out one to three case studies (numbers vary according to the selected heading).
After the first rounds 90% success rate
The first dates were announced by accredited companies for May 2017, the tests were preceded by the possibility of preparation in the form of e-learning courses. In addition, candidates could test their knowledge on sample tests.
This also contributed to the fact that after the first months of testing, the success rate of passing the tests is around 90% , but often the test succeeds all candidates. In addition to conscientiousness, this also points to the very good professional condition of domestic advisors.
Jeffard Finance Mortgage Brokers also have great results – primarily thanks to the Mortgage Academy , where our brokers prepare for the exams. This is one of the reasons why Jeffard Finance brokers are almost 100% successful.
What do you say about professional credit exams ? Do you think it is good that financial experts have to pass the tests, or is it absurd regulation ?
Finally a useful application
Do you want to learn MoneySupport Bank questions quickly?
We recently created something very, but very useful for our brokers. It is a quick and effective preparation for the compulsory proficiency tests that all advisors will have to pass according to the MoneySupport Bank regulation. You can also download the app for free. You will move faster. On the COOPERATION page you can also read about other benefits that will surprise you!