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Minimum Competency Requirements
On Tuesday 25th July 2006, the Financial Regulator issued Minimum Competency Requirements (MCR). These competency requirements were implemented on 1st January 2007 and apply to individuals who provide advice on, or sell, retail financial products to consumers, or who undertake certain specified activities on behalf of a regulated firm.
What are the different categories of Retail Financial Product?
For the purposes of these Minimum Competency Requirements, retail financial products have been divided into six categories:
- Savings, Investment and Pension Products
- Housing Loans and Associated Insurances
- Consumer Credit and Associated Insurances
- Shares, Bonds and Other Investment Instruments
- Life Assurance Protection Policies
- General Insurance Policies
How do I become compliant under Minimum Competency Requirements?
Compliance with MCR can be achieved by attainment of a recognised qualification from a professional educational body, such as the Institute of Bankers School of Professional Finance or ‘grandfathering’ (note: 'grandfathers' register closed on 31 December 2007) AND satisfying Continuing Professional Development (CPD) requirements. The Minimum Competency Requirements document sets out specific knowledge requirements for each category of retail financial product and lists the qualifications which meet these requirements.
Recognised Qualifications under Minimum Competency Requirements
The School of Professional Finance is currently accepting registrations for seven such recognised programmes:
- Professional Diploma in Financial Advice (QFA Diploma)
- Professional Certificate in Stockbroking
- Professional Certificate in Mortgage Practice
- Professional Certificate in Consumer Credit
- Professional Certificate in General Insurance (for QFAs)
- Professional Certificate in Pensions (for holders of the ISE Certificate in Stockbroking or Registered Stockbrokers)
- Professional Diploma in Compliance
Continuing Professional Development for MCR
In addition, individuals will be required to undertake a programme of Continuing Professional Development (CPD) on an ongoing basis. Where qualifications have a CPD requirement (e.g. QFA), fulfilment of the CPD requirement attaching to that qualification will be sufficient.
For FAQs on Minimum Competency Requirements please click here.
For information on the Institute's CPD schemes please click on the appropriate link on the left hand side.
Further information on ‘Minimum Competency Requirements’ can be obtained by visiting the Financial Regulator’s website www.financialregulator.ie
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