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7 Credit servicers' corrective measures

Closed
19 July 2023

43. If a credit servicer's assessment or re-assessment 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.

44. 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 service of the management or administrative body.

45. If a credit servicer's assessment or re-assessment 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 memb

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