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Introduction
The Financial Regulator's Minimum Competency Requirements (MCR), effective from 1 January 2007, apply to individuals who, on a professional basis, as, for or on behalf of a regulated firm:
- Provide advice to consumers on retail financial products,
- Arrange or offer to arrange retail financial products for consumers, or
- Undertake certain specified activities.
Such individuals, having attained and continuing to satisfy the specified minimum competency requirements, are referred to as accredited individuals or specified accredited individuals.
Under MCR, all accredited individuals and specified accredited individuals, whether accredited through 'grandfathering' (confirmed by their employer based on the experience requirements) or obtaining a recognised qualification, are required to complete a number of hours CPD per year.
The MCR document states that individuals who are grandfathered or hold qualifications without a CPD requirement "..may participate in a CPD scheme operated by an external professional educational body that provides a qualification that meets the relevant competency requirements"(page 12). To this end the Institute of Bankers offers CPD Members a comprehensive and cost effective CPD programme to fulfill their CPD requirements, the programme includes:
- Web-based e-learning courses offered via MyCPD www.mycpd.ie
- CPD seminars offered country-wide
- Accreditation of relevant in-company and other external events
- Online CPD Record to record and track CPD hours
- Management of annual returns and audit
The above can be supplemented with recognised in-company training courses, external courses etc. for further information click on the events link on the left hand side of the screen.
For further information on the CPD members programme, events, recording and returning CPD hours and FAQs please click on the appropriate links on the left hand side of the screen.
For further information on MCR click on the MCR button on the left hand side of the screen or log on to the Financial Regulator's website at www.financialregulator.ie.
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