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.
In July 2006, the Financial Regulator issued Minimum Competency Requirements which apply to those who, on a professional basis, as, for or on behalf of a regulated firm:
· Provide advice to consumers on retail financial products,
· Arrange or offer to arrange retail financial products for consumers, or
· Undertake certain specified activities
Specified activities include acting for or on behalf of a regulated firm in adjudicating on any complaint communicated to that provider by a consumer which relates to advice about a retail financial product given to that consumer or the arranging of a retail financial product for that consumer by an individual acting for or on behalf of that provider. The Professional Diploma in Compliance (PDC) is one of the recognised qualifications for this specified activity. Those who hold the PDC and participate fully in the LCOI CPD scheme will comply with the Financial Regulator’s Minimum Competency Requirements in relation to complaint adjudication.
The annual requirements are 20 hours of which at least 14 must be formal hours. The balance of 6 hours may be all formal or all informal or a mix of both formal and informal.
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 MyCPD.ie, the e-learning portal developed jointly by the Institute of Bankers and LIA).
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 Bankers on behalf of the ACOI.
The Institute of Bankers organise a series of CPD seminars countrywide each year. The CPD seminar schedule is spread over two terms, spring and autumn. The schedule is available to view online in March and September each year.
Further Information