The Professional Standards Committee (PSC) is a committee of the Board of The Insurance Institute of Ireland (III), established pursuant to Article 58 of the Articles of Association of the III.
Among other functions, the PSC is responsible for disciplinary matters arising from CPD compliance failures by III members.
A member will be subject to the disciplinary procedures of the PSC in the following circumstances:
- Failure to comply with CPD requirements by 31 December in any given year (subject to the five-year shortfall rule).
- Failure to make an annual return in any given year.
- Failure to co-operate if randomly selected for a spot-check.
- Making an annual return which, in the judgement of the PSC, is false or misleading.
A range of disciplinary measures may be applied by the PSC depending on the severity of the situation. These include:
- A warning
- A fine or penalty
- Imposition of a requirement to undertake or retake a course or an examination.
- Removal of designation and consequent deletion from the III Register of Compliant Persons and the relevant firm's Register of Accredited Persons. See the MCC's five-year shortfall rule for further details.