Minimum Competency Code and Minimum Competency Regulations 2017

The Minimum Competency Code 2017 (MCC 2017) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) Minimum Competency Regulations 2017 (MCR 2017) came into effect on 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 or 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 its scope must comply with when performing certain controlled functions.

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

The MCC 2017 is closely linked to the Fitness and Probity regime.

Together, the MCC 2017 and the MCR 2017 replace the Minimum Competency Code 2011.

Questions and Answers (Q&A)

  • MCC 2017 and MCR 2017 Q&A last updated 6 December 2019 - amended response to Q7.4, and new questions 9.5 and 9.6 added.
  • MCC 2017 and MCR 2017 Q&A updated 7 February 2018 - new questions 2.4, 2.5, 3.2 and 7.4 added.

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 576 KB

Current list of recognised qualifications

Minimum Competency Code 2017 and Minimum Competency Regulations 2017 - Questions and Answers | pdf 369 KB

CP106 Review of the Minimum Competency Code 2011

Minimum Competency Code 2011 | pdf 1177 KB Minimum Competency Code 2011 Addendum for Credit Servicing | pdf 644 KB Minimum Competency Code 2011 Addendum for Debt Management Services | pdf 702 KB Letter issued to regulated entities re Minimum Competency Code 2011 | pdf 142 KB Addendum to the Minimum Competency Requirements 2008 | pdf 183 KB Letter to industry on the Addenda to the Consumer Protection Code and Minimum Competency Requirements dated 23 May 2008 | pdf 29 KB Minimum Competency Requirements 2006 | pdf 930 KB Public Response to the Consultation on Minimum Competency Requirements 2006 (Consultation Paper 14) | pdf 392 KB Letter to industry on the introduction of the Consumer Protection Code and Minimum Competency Requirements dated 21 July 2006 | pdf 34 KB

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