Thematic Review of Compliance with the Minimum Competency Code and Consumer Protection Code

Tue Jun 11 2024

Dear Member,

As you are aware on the 29th of May, the Central Bank issued a letter to intermediaries following their thematic Review of Compliance with the Minimum Competency Code and the Consumer Protection Code.

In the letter, the Central Bank has requested all retail Intermediaries to:

Review their business practices and compliance arrangements against the findings, expectations and good practices set out in the letter and Schedule 1 of the letter. This review and its outcomes must be documented. This should include details of actions taken to address findings, with reference to updated procedures, processes, controls, registers, templates, and training, as well as timelines for implementation.

This review should be completed, and an action plan discussed, approved, and evidenced by the firm’s management team by 31 August 2024. The Central Bank has indicated that it expects that this document will be available for review during future engagements with any Retail Intermediary.

The Central Bank clarified that the 31 of August is the date by which the review is to be completed and an action plan documented and agreed by senior management, but implementation of the action plan can take place post-31 August as per a reasonable timeline set by each firm.

To assist members, undertake this review, Brokers Ireland has drafted a template which members should personalise and complete in respect of their businesses.   The template is available in the following location members-area/compliance-support/central-bank-codes-handbooks/ CBI Industry Letter post MCC/CPC inspections.

If you have any queries on either the Central Bank Letter or the Brokers Ireland template,  please contact the compliance department on 01 6613067 or email compliance@brokersireland.ie


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