CP147 - Application of the Minimum Competency Code 2017 and the Minimum Competency Regulations 2017 to credit union core services


Overview

Description

The Central Bank is consulting on a proposal to apply the Minimum Competency Code 2017 (MCC) and the Minimum Competency Regulations 2017 (MCR) to credit union core services.

The minimum competency standards were first introduced by the Central Bank on 1 January 2007 and established minimum professional standards for staff of financial service providers with particular emphasis on staff dealing with consumers in relation to retail financial products.

Currently the standards only apply to credit unions when acting as retail intermediaries, providing mortgage credit agreements in line with the knowledge and competence requirements of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, and devising or creating mortgage credit products.

The Central Bank is now proposing to extend the minimum competency requirements to other credit union activities that fall into the MCC and MCR, such as lending and deposits.

The Central Bank invites general feedback from interested stakeholders, including firms, representative bodies, consumers and service providers.

 

CP Number : CP147
Date : 19 January 2022
Closing Date : 19 April 2022

Consultation Paper Document

Consultation on the Application of the MCC 2017 and the MCC and MCR 2017 to CU core services | pdf 176 KB