The FSMA Registration and Supervision Framework for Credit Intermediaries
Who supervises whom
Belgian consumer credit is policed by two authorities working in tandem. The FSMA (Financial Services and Markets Authority) is the market conduct regulator: it maintains the public register of credit intermediaries, assesses fitness and professional knowledge, and supervises how intermediaries behave towards consumers. The National Bank of Belgium (NBB) licenses and prudentially supervises lenders. A candidate must keep these roles distinct: the intermediary's own registration sits with the FSMA, not the NBB.
The register and the conditions for registration
A person may not act as a credit intermediary without prior registration on the FSMA register. The register is public and searchable, and it records the lenders for whom the intermediary may act. Key conditions typically examined are: legal capacity and professional integrity (no relevant criminal or administrative sanctions), sufficient professional knowledge evidenced by training or experience, appropriate organisational arrangements and complaints handling, and adequate professional liability insurance or comparable cover. Registration is personal and cannot be lent, sold, or used by another entity.
Supervision in practice
The FSMA has investigative and sanctioning powers: warnings, suspension or removal from the register, and administrative fines. It also publishes blacklists of unauthorised actors. Intermediaries must notify changes (new lenders, new premises, changes in management) and cooperate with on-site inspections.
Traps to watch
Questions often blur three things: (1) registration versus authorisation - an intermediary is registered, a lender is authorised; (2) tied versus untied intermediaries - a tied intermediary acts for one or a limited number of lenders, an untied one advises across the market, and the register reflects this; (3) the moment registration is required - before any intermediation activity, not after a probationary period. Another classic trap is assuming a foreign passport removes the Belgian registration duty; a firm established abroad must still comply with Belgian registration when it intermediates Belgian consumers.
Rule of thumb
For any question, ask: is the actor arranging credit for a consumer? If yes, FSMA registration is the baseline, and the NBB licence belongs to the lender behind the product.