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.
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 Addendum May 2022 | pdf 887 KB
Minimum Competency Code 2017 | pdf 1612 KB
S.I. 391 of 2017 – Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017 | pdf 576 KB | pdf 576 KB
Current list of recognised qualifications
MCC 2017 and MCR 2017 Q&A updated 24 August 2022 - new question 2.6 added
Minimum Competency Code 2017 and Minimum Competency Regulations 2017 - Questions and Answers | pdf 686 KB
S.I. 234 of 2022 - Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Minimum Competency) (Amendment) Regulations 2022 | pdf 126 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
Links