Central Bank Changes to Q&A Document

Tue Dec 17 2019

The Central Bank has changed their Q&A Document on the Minimum Competency Code 2017 and the Minimum Competency Regulations 2017

As you may be aware the Central Bank has amended their  Minimum Competency Q&A information document adding new questions relating to CPD requirements; Q9.5 & Q9.6.  The amended document is linked as above, however, for your convenience, we have listed hereunder the changes.

Q9.5 Is it possible to complete more than one hour of CPD per year relating to ethics? 

The standards in the MCC apply to persons exercising certain controlled functions within firms. Such persons must complete CPD that is related to the competencies set out in Appendix 3 of the MCC 2017, including at least one hour relating to ethics. While more than one hour relating to ethics may be completed, the overall CPD completed by an individual must cover a range of the competencies required for the activities undertaken by that individual. As the aim of the CPD is to ensure that the person’s technical knowledge remains up to date, it would not be appropriate for the bulk of the CPD completed to focus on only one topic.

Q9.6 Can modules relating to culture, inclusion and diversity be included to meet the CPD requirement?

While important for all regulated firms, a knowledge and understanding of culture, inclusion and diversity relate to the general operation of the firm rather than technical knowledge of the individual undertaking a controlled function within the scope of the MCC. In addition, these topics are not included in the competencies set out in Appendix 3 of the MCC. Therefore, CPD relating to culture, inclusion and diversity would not meet the requirements of the MCC.

Separately, the answer to 7.4 has also been amended to reflect the transposition of the Insurance Distribution Directive into Irish law.

Brokers Ireland will continue to keep members updated on further legislative, regulatory or binding amendments, as they occur.


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