Minimum Competency Code and Minimum Competency Regulations 2017

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.

With effect from 1 October 2024, the MCC 2017 and MCR 2017 will apply to all in-scope activities for credit unions. These regulatory changes are being introduced with a view to ensuring that credit union members are afforded the same level of protection as consumers availing of similar products and services from other regulated entities.

The MCC 2017 specifies certain minimum competencies that persons falling within its scope must comply with when performing certain controlled functions.

The MCR 2017 imposes certain obligations on regulated firms under Section 48 of the Central Bank (Supervision and Enforcement) Act 2013.

The MCC 2017 is closely linked to the Fitness and Probity regime.