Minimum Competency Code Requirements
Thu Apr 12 2018
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
- 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
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 contact educational body for further clarification.
Requirement for all members of the board to complete 6 hours continuous professional development (CPD)
Six hours of relevant continuous professional development each year must be completed for all board members (including non-executive directors) of a mortgage credit intermediary. If the board member holds a recognised qualification then this requirement is already met. Brokers Ireland are currently looking at options of how to assist members meet this new requirement and will issue an update shortly.
Grandfathering for Mortgages will no longer apply
All individuals who advise on Mortgages are required to hold a recognised qualification by March 2019. Affected members should commence working towards the completion of a relevant qualification as soon as possible.
Annual review of staff development & experience
Regulated firms are required to carry out an annual review of staff members’ development and experience needs. The requirement to carry out a review of staff’s CPD as required by the previous code also remains in force.