The Minimum Competency Requirements (the Requirements) were introduced on 1 January 2007 and established minimum professional standards for financial services providers, with particular emphasis on areas dealing with consumers. The Requirements were introduced to ensure that consumers obtain a minimum acceptable level of competence from individuals acting for or on behalf of regulated firms in the provision of advice and associated activities in connection with retail financial products. An Addendum to the Requirements for Retail Credit Firms and Home Reversion Firms was issued in May 2008 and was implemented on 1 June 2008.
The Requirements were issued pursuant to a range of applicable legal powers under various sectoral legislation.
We have updated the Requirements in light of experience, market developments and the new powers granted to the Central Bank of Ireland (Central Bank) in 2010.
On 1 October 2010, Part 3 of the Central Bank Reform Act 2010 created for the first time in Iris
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