Minimum Competency Code

The Minimum Competency Code 2017 (MCC 2017) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1) Minimum Competency Regulations 2017 (Minimum Competency Regulations 2017) together replace the former Code.  The changes will take effect 3 January 2018.

They set out minimum professional standards for persons providing certain financial services, in particular when dealing with consumers. The aim is to ensure that consumers obtain a minimum acceptable level of competence from individuals acting for and on behalf of regulated firms in the provision of advice and information and associated activities in connection with retail financial products.

The MCC 2017 specifies certain minimum competencies that persons falling within the scope of this Code must comply with when performing  certain controlled functions.

The Minimum Competency Regulations 2017, associated with the MCC 2017, impose certain obligations on regulated firms under Section 48 of the Central Bank ( Supervision and Enforcements) Act 2013.

The MCC is closely linked to the Fitness and Probity regime.

Publications

All documents or other information published by the Central Bank of Ireland in connection with the Minimum Competency Code are set out below:

Minimum Competency Code 2017 | pdf 1612 KB Minimum Competency Regulations 2017 | pdf 572 KB Current list of recognised qualifications Review of the Minimum Competency Code 2011 - CP106 Questions and Answers. | pdf 883 KB CP106 Review of the Minimum Competency Code 2011 Minimum Competency Code 2011 | pdf 1173 KB Minimum Competency Code 2011 Addendum for Credit Servicing | pdf 640 KB Minimum Competency Code 2011 Addendum for Debt Management Services | pdf 698 KB Letter issued to regulated entities re Minimum Competency Code 2011 | pdf 138 KB Addendum to the Minimum Competency Requirements 2008 | pdf 178 KB Letter to industry on the Addenda to the Consumer Protection Code and Minimum Competency Requirements dated 23 May 2008 | pdf 25 KB Minimum Competency Requirements 2006 | pdf 926 KB Public Response to the Consultation on Minimum Competency Requirements 2006 (Consultation Paper 14) | pdf 388 KB Letter to industry on the introduction of the Consumer Protection Code and Minimum Competency Requirements dated 21 July 2006 | pdf 30 KB

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