The MCC applies to persons in Controlled Functions who are performing certain activities set out in the MCC. Controlled Functions are determined under the Fitness and Probity regime – credit unions are subject to a tailored Fitness & Probity regime.
Six Controlled Functions have been added for the new in-scope activities (summarised):
1. Giving advice to member when providing a financial service (CUCF-3).
2. Arranging or offering to arrange a financial service (CUCF-4).
3. Assisting a member in making an insurance claim (CUCF-5).
4. Determining the outcome of an insurance claim (CUCF-6).
5. When directly managing or supervising persons providing the services listed in points 1 – 4 above (CUCF-7).
6. Adjudicating on complaints in relation to the provision of a financial service (CUCF-8).
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Controlled Function |
In Scope Activity |
LIA Qualifications relating to the Controlled Function |
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CUCF-3 |
Giving of advice to a member of a credit union, while providing, or in relation to the provision of, the financial service |
1. Life Assurance: QFA, APA (Life Assurance), CUA 2. Pensions: QFA, APA (Pensions) 3. Savings and Investments: QFA, APA (Savings and Investments) , CUA (Term Deposits only) 4. Personal General Insurance: APA (Personal General Insurance), CUA 5. Commercial General Insurance: N/A 6. Private Medical Insurance and Associated Insurances: APA (Personal General Insurance), CUA 7. Housing Loans, Home Reversion Agreements and Associated Insurances: QFA, APA (Loans) 8. Consumer Credit and Associated Insurances: QFA, APA (Loans), CUA
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CUCF-4 |
Arranging, or offering to arrange, a financial service for a member of a credit union |
1. Life Assurance: QFA, APA (Life Assurance), CUA 2. Pensions: QFA, APA (Pensions) 3. Savings and Investments: QFA, APA (Savings and Investments), CUA (Term Deposits only) 4. Personal General Insurance: APA (Personal General Insurance), CUA 5. Commercial General Insurance: N/A 6. Private Medical Insurance and Associated Insurances: APA (Personal General Insurance), CUA 7. Housing Loans, Home Reversion Agreements and Associated Insurances: QFA, APA (Loans) 8. Consumer Credit and Associated Insurances: QFA, APA (Loans), CUA
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CUCF-5 |
Assisting a member of a credit union in the making of a claim under a contract of insurance or reinsurance |
1. Life Assurance Policies: QFA, APA (Life Assurance), CUA 2. General Insurance Policies: APA (Personal General Insurance), CUA |
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CUCF-6 |
Determining the outcome of a claim arising under a contract of insurance or reinsurance |
1. Life Assurance Policies: QFA, APA (Life Assurance), CUA 2. General Insurance Policies: APA (Personal General Insurance), CUA |
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CUCF-7 |
Acting in the direct management or supervision of those persons who act for a credit union in providing the services referred to in CUCF-3-6 |
1. Life Assurance: QFA, APA (Life Assurance), CUA 2. Pensions: QFA, APA (Pensions) 3. Savings and Investments: QFA, APA (Savings and Investments), CUA (Term Deposits only) 4. Personal General Insurance: APA (Personal General Insurance), CUA 5. Commercial General Insurance: N/A 6. Private Medical Insurance and Associated Insurances: APA (Personal General Insurance), CUA 7. Housing Loans, Home Reversion Agreements and Associated Insurances: QFA, APA (Loans) 8. Consumer Credit and Associated Insurances: QFA, APA (Loans), CUA
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CUCF-8 |
Adjudicating on any complaint communicated to a credit union by a member in relation to the provision of a financial service |
1. Life Assurance: QFA, APA (Life Assurance), CUA 2. Pensions: QFA, APA (Pensions) 3. Savings and Investments: QFA, APA (Savings and Investments), CUA (Term Deposits only) 4. Personal General Insurance: APA (Personal General Insurance), CUA 5. Commercial General Insurance: N/A 6. Private Medical Insurance and Associated Insurances: APA (Personal General Insurance), CUA 7. Housing Loans, Home Reversion Agreements and Associated Insurances: QFA, APA (Loans) 8. Consumer Credit and Associated Insurances: QFA, APA (Loans), CUA
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