7 Credit servicers ’ corrective measures

If a credit servicer’s assessment or reassessment concludes that the management or administrative organ, as a whole, does not possess collectively the adequate knowledge and experience, the credit servicer should take appropriate corrective measures in a timely manner.

Appropriate corrective measures may include, but are not limited to: adjusting responsibilities between members; replacing certain members; recruiting additional members; training single members; or training for the management organ collectively to ensure the adequate collective knowledge and experience of the management or administrative organ.

If a credit servicer ’s assessment or reassessment identifies easily remediable shortcomings in the adequate knowledge and experience of the management or administrative organ, the credit servicer should take appropriate corrective measures to overcome those shortcomings in a timely manner, including, where relevant, through appropriate training of (all or) individual members.

When a credit servicer intends to request the authorisation to commence its activities, such measures should be implemented before the authorisation is requested.

In any case, competent authorities should be informed without delay of any material shortcomings identified concerning any of the members of the management organ and the management organ ’s collective composition. The information should include the measures taken or envisaged to remedy those shortcomings and the timeline for their implementation.