WHY THE LCOI
LCOI is the industry benchmark professional designation for practising compliance professionals awarded by ACOI. It is aimed at those who work or aspire to work in a professional capacity within a compliance function in financial services.
To be awarded the LCOI designation by ACOI, you must register for and successfully complete a 4-module educational programme offered by ACOI’s academic education partner, the Institute of Banking which is a recognised college of University College Dublin (UCD).
The programme consists of 4 modules, as follows:
- PDC 1 – Compliance and the Regulatory Structure
- PDC 2 – Conduct of Business Rule
- PDC 3 – Legal and Regulatory Aspects of Compliance
- PDC 4 – Compliance Management
- On successful completion of the Professional Certificate and Diploma in Compliance you will be able to:
- Understand the role of compliance within a financial services organisation.
- Explain the theory and describe the practice of regulation from both an Irish and International perspective
- Describe the impact of relevant regulation and the role of the various regulatory bodies on the operation of the compliance function
- Describe the legal environment that applies to the Financial Services industry
- Assess the systems of controls, assurance and governance in an organisation
- Critically evaluate the importance of ethics and their role in the compliance function
- Understand the impact of regulatory rules relating to how consumers of financial services are protected
- Assess the authorisation, supervision and prudential requirements for different financial entities
- Analyse the relationship between compliance and the control systems in an organisation
- Describe where the compliance function fits within a financial services organisation
- Explain the impact of conduct of business rules on financial services providers
- Devise a regulatory relations policy in relation to inspections, themed visits and routine relations
- Identify and pursue appropriate learning opportunities (academic and non-academic) which enhance their professional career ambitions and individual capabilities
When you successfully complete PDC 1 and PDC 2, you will be awarded the Professional Certificate in Compliance from UCD, a 10 ECTS award at level 7 on the National Framework of Qualifications.
On successful completion of PDC 1, PDC 2, PDC 3 and PDC 4, you will be awarded the Professional Diploma in Compliance from UCD, a 20 ECTS award at level 7 on the National Framework of Qualifications.
The Professional Certificate in Compliance is a general entry point to the Institute’s qualification structure and is open to both school leavers and graduates.
The minimum second level educational requirements for entry are as follows:
- Five passes in the Leaving Certificate, including English and Mathematics
- Five O Level/GCSE passes, including English Language and Mathematics
The Institute will also consider applications on a mature candidate basis from applicants who are 23 years of age before the date of their application for admission to the programme.
In addition, candidates must be affiliate members of ACOI. Affiliate membership can be applied for at the same time as registering for the programme.
Entry to the Professional Diploma in Compliance is limited to those who have successfully completed or registered for the Professional Certificate in Compliance.
To enrol on PDC4 – Compliance Management, candidates must have enrolled for or passed the first three modules: PDC1, PDC2 and PDC3.
PROFESSIONAL BODY MEMBERSHIP
You must be a current member of the Association of Compliance Officers in Ireland, or become a member, to register for this programme.
Affiliate membership is currently €150 per year.
These programmes are delivered online through webinars. Webinars are online lectures where you will develop your understanding of the pre-assigned reading material through teaching, exercises and case studies.
- Assessment is end of semester exams
- Modules PDC 1 and PDC 2 – Format 100 multiple choice questions
- Modules PDC 3 and PDC 4 Written, case-study and essay style questions
- Exam duration 120 minutes
- Pass mark 40% in all modules in line with UCD academic policy
BECOMING AN LCOI
Once you are awarded your Professional Diploma in Compliance, you will be invited by ACOI to apply for your LCOI designation, thereby satisfying the Central Bank of Ireland’s Minimum Competency Code for those who adjudicate on a complaint by a consumer which relates to advice about the following categories of retail financial product
- Life Assurance
- Savings and Investments
- Personal General Insurance
- Commercial General Insurance
- Private Medical Insurance and Associated Insurances
- Housing Loans, Home Reversion Agreements and Associated Insurances
- Consumer Credit Agreements and Associated Insurances
Continued use of the LCOI designation is subject to meeting annual CPD requirements.
GOLD MEDAL WINNER
The Association can award a Gold Medal to the top student(s) in recognition of their outstanding academic achievement in the Professional Diploma in Compliance. To be considered a Gold Medal winner you have to have attained or exceeded the following criteria:
- Completed the Professional Diploma in Compliance within two years.
- Passed each PDC module on first Attempt – a ‘Did not sit’ (without medical certification) is treated as an attempt- as per UCD regulations.
- Attain greater than an average of 80% across the 4 PDC modules.
- Where there is more than one candidate with an average greater than 80% over the 4 modules then the prize goes to the candidate with the highest aggregate mark.
- The top student will be presented with a framed Association citation to acknowledge and record their outstanding achievement along with a gold medal.
In the event that there is more than one student, the criteria for determining the top student will be based on the aggregate overall mark achieved. The ACOI reserves the right to offer a joint award should there be more than one outstanding candidate who meets the criteria above.
“This programme gives students an understanding of the compliance function. It explains how regulatory systems work in Ireland and in the international compliance industry. You can do it while working full-time or part-time. It is a very useful programme, which favours career progression, especially when considering the current growing importance of compliance worldwide.” Nicoletta Basso, CNP Europe Life & PDC Graduate
| ACOI Executive
T: (01) 779 0200
| Professional Certificate and Diploma in Compliance
| Mary O’Dwyer, BA
T: (01) 6116500
How to Register
First become a member of the ACOI
Once you receive your receipt of membership with your ACOI membership details, you can then register for the programme.
1. Become an ACOI Member
2. Once you receive your receipt of membership with your ACOI membership details, you can then register for the programme.