Publication of Minimum Competency Code 2017 and Minimum Competency Regulations 2017

On 1 September 2017, the Central Bank published  the Minimum Competency Code 2017 and Minimum Competency Regulations 2017 following the release of a consultation paper in November 2016 (CP106). From 3 January 2018, together they will replace the former Code.

Minimum competency standards are a longstanding feature of the regulatory regime in Ireland and set out statutory minimum professional standards for staff of financial service providers when they are dealing with consumers in relation to retail financial products. 

Changes to these standards have been introduced following recent EU developments in the area of professional knowledge and competence requirements contained in the Mortgage Credit Regulations, the Markets in Financial Instruments Directive II (MiFID II) and the Insurance Distribution Directive (IDD).

A Q&A has also been developed to provide additional information on this review.

More information:
Investment Firms

Minimum competency