Continuous Professional Training System Ireland Presented by: Paula Hodson, FCII Director of...
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Transcript of Continuous Professional Training System Ireland Presented by: Paula Hodson, FCII Director of...
Continuous Professional Training SystemIreland
Presented by:
Paula Hodson, FCIIDirector of Development Services – The Insurance Institute of IrelandOctober 2015
Agenda
• Background
• What are the standards required for:
– Individuals
– Companies
• What are the educational requirements for MCC
• What are the CPD requirements for MCC
– Individuals
– Companies
Background
Minimum Competency Requirement (MCR) introduced 1st January 2007
Revised Minimum Competency Code (MCC) effective 1st December 2011
Harmonised statutory system in place with Fitness and Probity Standards
The MCC applies to all regulated firms in the provision of advice or associated activities in connection with retail financial products
The MCC applies to all “Accredited Persons” working in “specified functions”
What is an “Accredited Person”?
Gives advice to consumers
Assists consumers in making a claim under contracts of insurance
Determines the outcome of consumer claims under contracts of general insurance
Adjudicates on any consumer complaints
Involved in the activity of reinsurance mediation
What is a “Specified Function”?
Personal General Insurance
Commercial General Insurance
Life Assurance
Pensions
Savings & Investments
Private Medical Insurance
Housing Loans & Assoc Insurances
Consumer Credit & Assoc Insurances
Debt Management Services
What are the standards required for individuals under the code?
Hold a recognised and relevant qualification
Being grandfathered in a specified function:
Being trained and supervised by a qualified or grandfathered person
Performing a prescribed script function
Undertake relevant CPD
Personal General InsuranceCommercial General InsuranceLife AssurancePensionsSavings & Investments
Private Medical InsuranceHousing Loans & Assoc InsurancesConsumer Credit & Assoc InsurancesDebt Management Services
What are the standards required for companies under the code?
Supervise new entrants
Monitor outsourced resources
Maintain register of Accredited Persons
Remove individuals from register if not compliant
Provide certificate of Grandfathering by Company (2012)
What are the specific requirements in relation to New Entrants?
Inform new entrant of the need to obtain a relevant recognised qualification within 4 yearsAll new entrants must undergo an initial training programmeAgree a plan for obtaining qualification – must sit exams at every available opportunitySupervision of all activities for period (All advice work must be checked and signed off)Supervision can be reduced incrementallyA supervisor cannot supervise more than 7 new entrants
What are the specific requirements in relation to Grandfathered persons?
Between 1st January 1999 and 1st January 2007 amassed 4 years experience carrying out a specified function.Comply with the Grandfathered experience requirements and this is certified by the firm.Have complied and continue to comply with all relevant CPD requirements.Regulated firms must carry out and document an assessment of those availing of grandfathered arrangementsFirms must certify that their Grandfathers are compliant with the experience requiredNo self certification acceptableCertification must be completed by the 31st December 2012 subject to CPD hours
What are the educational requirements for MCC?Compliance vs Competency
Level 7 on National Framework of Qualifications
Qualification Framework
3 3 = 6
What are the CPD requirements for an individual under MCC?
15 formal hours each calendar year, informal concept gone
Activities need to be accredited by relevant professional body
Surplus hours cannot be carried into next year
Minimum 1 hour per function & 1 hour Ethics
Some qualifications may have a requirement in excess of 15 hours
Maintain log and evidence of completion
Pro-rata CPD Adjustments
Statutory leave:- Block parental leave, statutory maternity, adoption or carer’s leave
Serious ill – Long term illness not less than 2 months
Pro-rata adjustments will not apply to: Part-time work, unemployment, retirement, career breaks or holidays.
What are the company requirements in relation to monitoring CPD?
Supervisor should monitoring CPD – (9months & 6weeks before year end)
Firms must keep records of CPD including:- any breaches, relevance of content and reasons for pro-rata adjustments
A person can have a shortfall once in a 5 year period
Thank you for your time
Go raibh maith agat
Paula Hodson, FCIIDirector of Development Services – The Insurance Institute of [email protected]