The Minimum Competency Code 2011 (MCC) sets out minimum professional standards for persons providing certain financial services, in particular when dealing with consumers. It aims to ensure that consumers obtain a minimum acceptable level of competence from individuals acting for and on behalf of regulated firms in the provision of advice and associated activities in connection with retail financial products. The MCC was developed following a review of the Minimum Competency Requirements, introduced in 2007, which included a public consultation with interested stakeholders.
The MCC came into effect on 1 December 2011 and applies to regulated firms and persons carrying out controlled functions within those firms who:
- provide advice to consumers on retail financial products,
- arrange or offer to arrange retail financial products for consumers, including any amendments to insurance cover and the restructuring or rescheduling of loans, or
- undertake a specified function.
In addition, those persons are required to undertake a programme of Continuing Professional Development (CPD).
The MCC is issued, in part, under Section 50 of the Central Bank Reform Act 2010 and is closely linked to the Fitness and Probity regime.