On 21 November, the Central Bank issued Consultation Paper 106 setting out amendments to the Minimum Competency Code 2011 (MCC). The Central Bank has made a distinction between amendments on which it is not specifically seeking observations and proposals on which it is consulting.

The Central Bank is not consulting on the amendments required to be made as a result of developments under EU legislation. The Central Bank will introduce reforms to amend Parts 1, 3 and appendices 1-4 of the MCC to comply with this legislation. It also intends to replace Part 2 of the existing MCC, which imposes obligations on regulated firms, with regulations.

Proposed amendments to the MCC on which the Central Bank is requesting the opinion of stakeholders fall under five headings: qualifications and experience requirements; devising or otherwise creating products; credit unions; members of the board of a mortgage credit intermediary; and reinsurance.

Responses to the consultation paper should be submitted by 15 February 2017.

A link to the consultation paper is here.