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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 areas 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 body, such as the Institute of Bankers or ‘grandfathering’ 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 Institute of Bankers is currently accepting registrations for six such recognised programmes:
- Qualified Financial Adviser (QFA) Diploma
- Specialist Certificate in Mortgage Practice
- Foundation Certificate in Consumer Credit
- Certificate in General Insurance for QFA’s
- Registered Representative (Irish Stock Exchange)
- Professional Diploma in Compliance
For further information on these courses please click here
Continuing Professional Development
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.
Where qualifications do not have a CPD requirement and for grandfathered individuals, the CPD requirements are: 60 CPD hours to be completed over a three-year cycle, of which at least 40 must be formal CPD hours.
For FAQ’s on Minimum Competency Requirements please click here
For a definition of CPD please click here
For Formal CPD approval Request Form click here
Further information on ‘Minimum Competency Requirements’ can be obtained by visiting the Financial Regulator’s website www.ifsra.ie.
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