The Central Bank’s revised Minimum Competency Code (MCC) came into effect on 1st December 2011.
The Minimum Competency Requirements and any documents or other information published by the Central Bank of Ireland in connection with these Requirements set out by clicking here.
In brief the Code sets out the minimum standard of competence required of persons carrying out certain functions in regulated firms, including the following:
- Providing advice to consumers on retail financial product.
- Arranging or offering to arrange retail financial products for consumers, including any amendments to insurance cover and the restructuring or rescheduling of loans.
The exercise of a specified function, among which are:
- The direct management or supervision of those who provide advice to consumers about retail financial products or who arrange or offer to arrange retail financial products for consumers.
- Adjudicating on any complaint by a consumer which relates to advice about a retail financial product provided to that consumer.
Persons carrying out these functions must hold one of the recognised professional designations specified in MCC such as Qualified Financial Adviser (QFA) or Accredited Product Adviser (APA) or be grandfathered by their firm or participate, under supervision, in a training process. Licentiate holders of the Association of Compliance Officers in Ireland ( LCOI ) can adjudicate on complaints as specified above.
Designates and grandfathered persons are required to undertake a number of continuing professional development (CPD) hours per year.