Compliance Update – November 2022
Wed Nov 30 2022
Central Bank Intermediary Roadshows
The Central Bank Retail intermediary roadshows took place on the 28th and 29th of November in City North Dublin and Nenagh.
The seminar covered topics such as:
- Code Review Discussion Paper
- New Revocation Process
- Changes to the Portal
- Fitness & Probity Regime
- Enforcements
- Cybersecurity
It was highlighted that for the coming year, the Central Bank focus on intermediaries would be in relation to the following:
- Compliance with Minimum Competency
- Suitability
- PCF Approval Issues
- Non- Submission of Annual Accounts
- Failure to respond to the CBI
A copy of the presentations which were presented by the CBI will be available to download shortly.
Minimum Competency Requirements Reminder
As we approach the end of the year, it is timely to remind members of their CPD requirements under the Minimum Competency Code. All individuals whether Grandfathered or Qualified are required to complete 15 formal hours of CPD per annum, of which 1 hour must relate to Ethics per year.
Outlined below are the categories of accreditation under the Minimum Competency Code.
- Life Assurance
- Pensions
- Savings and Investments
- Personal General Insurance
- Commercial General Insurance
- Private Medical Insurance and Associated Insurances
- Housing Loans, Home Reversion Agreements and Associated Insurances
- Consumer Credit and Associated Insurances
Grandfathered Individuals
The content of CPD hours must be directly relevant to the functions of the Grandfathered person, e.g. If as a Grandfathered individual you advise on Life, Pensions, Savings & Investments and Mortgages, then at least one hour of CPD completed must be directly relevant to the functions undertaken i.e. a hour CPD in each of the Categories 1,2,3 & 7.
Qualified Individuals *
The content of CPD hours must be relevant to each category of retail financial product in which you are accredited. For example, an individual holding the QFA must complete one hour CPD in categories 1, 2, 3, 7 & 8. When all of the ‘one-hour’ and Ethics requirements have been met, the remaining hours (to make up the overall 15 hour requirement) can be made up of other CPD hours, provided they are relevant to any of the five categories.
* ACII qualified individuals – please refer to the following link.
