The Central Bank published enhanced Minimum Competency Code to strengthen consumer protection, September 2011.
The Headlines:
- Learn What The Regulator Has To Say
- New Routes To Qualification
- Grandfathering Status
- Transitional Arrangements
- CPD Requirements
- APA FAQs Answered
The CIP remains the industry benchmark standard for the general insurance industry.
Compliance and Professional Development through flexible qualifications
The recent publication of the Central Bank’s revised Minimum Competency Code (MCC), which enhances the minimum professional standards for all persons who provide consumers with financial advice and products or undertake certain specified functions, has led to the creation of new, modular routes to qualification: the APA (Accredited Product Adviser), which we will be offering for the first time in January 2012.
Such qualifications constitute a primary element in meeting Fitness and Probity Standards (Minimum Competency).
This new Code now places responsibility on the person carrying out relevant functions in addition to their employer.
You can download our MCC Synopsis here.
New Entry Routes to Qualification
On September 1st, 2011, the Central Bank introduced the new Minimum Competency Code (MCC) which provides greater accessibility to a wider range of professional opportunities for all persons and particularly for those who are grandfathered and provide financial advice and services in specific areas.
In response to these changes, the III has developed three specific programmes which meet the MCC based upon product lines of business. The new programmes are recognised as Accredited Product Adviser (APA) by the Central Bank and will be introduced with a suite of supports over the course of the 2012 academic year. These product lines of business are:
- Personal Lines Insurance
- Commercial Lines Insurance
- Private Medical Insurance (with associated insurances).
These new product lines courses offer members and the industry a flexible, cost-effect, relevant and modular approach to getting started with their insurance qualifications, while meeting the requirements of the Minimum Competency Code.
You can download our APA FAQs here.
Our 2012 Prospectus will launch in early November. Please check our website closer to the time for further details.
Online registration for January exams is now open. Login to Member Area (top right hand corner of page) to register through iiiPlus.
Transitional Arrangements
Opening doors to long-term career options
Transitional arrangements are in place if you are currently studying.
Check out our FAQs to learning more.
A call to grandfathers to get qualified
Satisfying the public’s demand for qualifications as well as experience
Qualifications play a pivotal role in our industry.
The new MCC now places responsibility on the person carrying out relevant functions in addition to their employer.
As the professional standards, training and membership body of the industry, we encourage all our members to become qualified. In doing so, you protect:
- your reputation and the reputation of the industry:
- your career – against newer entrants to the market who are ambitious and eager to progress:
- your clients – by delivering advice that is backed by learning.
“As evidenced by recent research undertaken by the NCA, consumers value both qualifications and experience when choosing a financial adviser and, in this context, I would encourage all grandfathered persons to consider undertaking one of the new qualifications”.
Bernard Sheridan,
Director of Consumer Protection
You now have increased access to a wider range of professional development opportunities. The new modular route to qualifications (the APA) will get you started.
- It’s market driven and offers you maximum flexibility with its products line structure.
- It’s affordable.
- It’s flexible: our blended online and face-to-face learning and all our student supports offer you flexibility to tailor your study and learning to your needs.
You can download our APA FAQs here:
Continuous Professional Development (CPD) FAQs
The Insurance Professional: dedicated to the highest standards - committed to compliance
In order to maintain your accredited status you may be required to complete MCC Continuous Professional Development.
Your FAQs on MCC CPD are available here to download.
Non-Member?
You can join today and get started with your insurance professional qualifications.
Join TodayOr email memberservices@iii.ie 01-6456600
Login now to register for Exams
“We are committed to strengthening consumer protection by requiring minimum professional competencies and standards of all persons providing consumer advice and services. This enhanced Code now places an onus on both the firms and persons to comply fully with their supervision and professional development requirements”
Bernard Sheridan,
Director of Consumer Protection
Need Help?
Get in touch with our Member Services Team:
01-645 6670
Or email memberservices@iii.ie