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.