Minimum Competency Code (MCC)

Description

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.

Learning Objectives

Learners will cover the following in this 4 part module which will be followed by an assessment: 

Part 1: Introduction

Background

Interaction with F&P Regime

Scope and Structure of MCC

Relevant Definitions

MCC Part 1: Minimum Competency Standards

MCC Part 2: Minimum Competency Standards

 

Part 2: Requirements applicable to Individuals at Insurance Intermediaries

Interaction with F&P Regime

Grandfathered Person

New Entrants

Prescribed Script Functions

CPD Requirements

 

Part 3: Requirements applicable to Insurance Intermediary Firms

General

Annual Review

CPD Procedures

Register of Accredited Persons

Confirmation of Competency

Grandfathering

Supervision of New Entrants

Prescribed Script Functions

Record Retention

 

Part 4: Central Bank Sanctions and Related Communications

Timing

This course will take approximately 1 hour to complete. 

Accreditation

Accredited for 1 CPD hour with both IOB, LIA, and The III.

Time: 1 hour

Randomised Assessment

Bespoke Optional

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