What does CUA cover under MCC?

On the 7th August 2024, the updated Credit Union Adviser (CUA) designation has been recognised by the Central Bank of Ireland for the purposes of the Minimum Competency Code (MCC) in respect of Consumer Credit and Associated Insurances, and for Term Deposits.  This recognition will take effect from 1 October 2024 when these additional competencies come in scope for credit unions.  The CUA designation is already, and continues to be, recognised under the MCC for the activity of a credit union acting as an insurance intermediary. Holders of the current CUA designation , who do not hold either the QFA designation or the APA (Loans) designation (both of which are already accredited under the MCC for Consumer Credit Agreements and Associated Insurances), will be required to undertake a short process of online learning (CPD module with quiz) in respect of the new material relating to Consumer Credit Agreements and Associated Insurances contained in the updated CUA qualification, in order to be accredited under the MCC in respect of Consumer Credit and Associated Insurances and Term Deposits.  We will write to those CUA holders (i.e. those who do not hold either the QFA designation or the APA (Loans) designation) directly setting out how this process of online learning and assessment will be carried out.