LCOI (Licentiate of the ACOI) is the highest professional designation awarded by ACOI. It is available only to those who hold the Professional Diploma in Compliance and agree to comply with the continuing professional development obligations associated with the designation. It is the new benchmark professional qualification for compliance professionals.
The Central Bank’s Minimum Competency Code applies to persons exercising a controlled function or pre-approval controlled function on a professional basis, the exercise of which includes the following:
• providing advice to consumers on retail financial products,
• arranging or offering to arrange retail financial products for consumers, including any amendments to insurance cover and the restructuring or rescheduling of loans, or
• the exercise of a specified function.
Specified functions include ‘adjudicating on any complaint communicated to a regulated firm by a consumer which relates to advice about a retail financial product provided to that consumer or the arranging or the offering to arrange of a retail financial product for that consumer…’. The Professional Diploma in Compliance (PDC) and attaching LCOI designation is one of the recognised qualifications for this specified function.
Those who satisfy the requirements of the LCOI CPD scheme will meet their CPD obligations under the Minimum Competency Code.
The annual CPD requirement is 15 formal hours.
The CPD Guidelines for LCOIs are available for download below.
ACOI offers a comprehensive and cost-effective CPD programme to fulfil these requirements. The programme includes:
1. Web-based e-learning courses of which 22 courses are available (the full cost of which is included in the LCOI membership fee and offered through the 'My Institute' at www.iob.ie
2. Lectures (offered at many locations around Ireland).
Holders of the Professional Diploma in Compliance are invited to apply for the LCOI designation following receipt of results. Administration of the CPD programme is carried out by the Institute of Banking on behalf of the ACOI.
The Institute of Banking organise a series of CPD seminars countrywide each year. The CPD seminar schedule is spread over two terms, spring and autumn.