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:

Current list of recognised qualifications

CP106 Review of the Minimum Competency Code 2011

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