Consumer intermediaries

Published: 26/3/2018
The Croatian National Bank is the competent authority responsible for the authorisation and supervision of credit intermediaries with head offices in the Republic of Croatia. With regard to credit intermediaries from other EU member states operating within the territory of the Republic of Croatia, the possibilities of exercising supervision by the Croatian National Bank are limited and directed at cooperation with the competent bodies of other member states.

Not all credit intermediaries operating in the territory of the Republic of Croatia fall within the competence of the Croatian National Bank. Only those credit intermediaries presenting or offering agreements on consumer mortgage loans to consumers and assisting them in administrative tasks in the preparation of agreements and other types of tasks prior to the conclusion of agreements, and those that can conclude agreements on consumer mortgage loans with consumers on behalf and for the account of creditors fall within the competence of the Croatian National Bank. Such credit intermediaries can also provide advisory services.

Credit intermediaries are not creditors, and the Croatian National Bank only grants authorisation to provide credit intermediation services to legal persons that meet all of the prescribed conditions. Among the conditions that need to be met, the following is particularly emphasised: the possession of an agreement or a preliminary agreement on the provision of credit intermediation services with a credit institution a credit intermediary is tied to, and the possession of a professional indemnity insurance policy or comparable guarantee and evidence that each member of the staff has the required knowledge and qualifications.

A credit intermediary can obtain authorisation for the provision of all or only some of the services described above, as specified in the Decision issued by the Croatian National Bank.

It is worth noting that in addition to credit intermediaries that have obtained authorisation from the Croatian National Bank to provide credit intermediation services within the territory of the Republic of Croatia, these services can also be provided by credit intermediaries that have obtained authorisation to provide credit intermediation or advisory services from a competent authority of another EU member state. Such intermediaries can provide their services directly or through a branch and must notify the Croatian National Bank in advance about their intention to provide their services in the Republic of Croatia.

All credit intermediaries that may provide credit intermediation or advisory services within the territory of the Republic of Croatia are entered in the registers or records of the Croatian National Bank.