Minimum Competency Code

MCC Q&A last updated 7 February 2018 - new questions 2.4, 2.5, 3.2 and 7.4 added.

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:

Links 

• www.iob.ie - The Institute of Banking
• www.iii.ie - The Insurance Institute of Ireland
• www.lia.ie - The LIA
• www.ncirl.ie – The National College of Ireland
• www.cii.co.uk - The Chartered Insurance Institute
• www.iipm.ie - The Irish Institute of Pensions Management
• www.lawsociety.ie – The Law Society of Ireland
• www.lawlibrary.ie – The Bar of Ireland
• www.cila.co.uk - The Chartered Institute of Loss Adjusters
• www.actuaries.ie – The Society of Actuaries in Ireland
• www.acoi.ie - The Association of Compliance Officers in Ireland