Checked 27 October 2026. The learning outcomes were read on IOB’s and LIA’s pages, and the rules on the Central Bank’s Consumer Protection Code 2025 (in force 24 March 2026), the Minimum Competency Code (June 2026 consolidation) and the revised statutes, on 27 October 2026. LIA says its exam is based on its textbook; our advice is to check which edition your provider uses.
QFA Regulation is part of each of LIA’s four APA combinations and one of the six QFA modules: 100 multiple-choice questions in 2 hours on how Irish retail financial services are regulated, built around the Central Bank’s Consumer Protection Code, the Minimum Competency Code and a set of consumer and financial statutes. The Consumer Protection Code was replaced by the Consumer Protection Code 2025, which came into force on 24 March 2026, so anything you study from before that date may describe the old structure. This page lists the official outcomes, maps each topic to the rule behind it where one is named, picks out rules with numbers we suggest practising, and works through three practice questions. Independent — not affiliated with IOB, LIA or III. ProSyllabus is an independent study site and nothing here is official: every format fact, date and fee below is quoted or summarised from the official pages listed at the end of this page, read on 27 October 2026.
IOB programme page, LIA APA page and the Central Bank’s CPC 2025 pages, read 27 October 2026.
FreeTests: Regulators and why firms are regulated · Authorisation and fitness and probity · Minimum Competency Code
QFA Regulation Essentials: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
What the Regulation module covers (official outcomes)
IOB’s learning outcomes for QFA Regulation are to identify the forms of regulation and the main regulatory bodies in Ireland, discuss “the range of regulatory rules that apply to intermediaries and/or product providers in their dealings with clients”, describe “the impact of legislation relating to consumer protection, money laundering, distance marketing, data protection & privacy, Investor compensation, unfair terms in consumer contracts and tax evasion”, and explain the functions and powers of the ombudsmen. Its “specific areas covered” are: why financial service providers are regulated, authorisation, the Minimum Competency Code, the Consumer Protection Code, MiFID, data protection and anti-money laundering.
LIA’s module description covers the same ground in its own words: the rationale for regulation, authorisation and marketing requirements, engaging with clients through the sales and advisory process, accurate records and complaint handling, investor protection and consumer contract regulations, and “Legal obligations around whistleblowing”. LIA adds that “To earn the APA designation, this module must be completed alongside one other module.”
Topic map: each outcome and the rule behind it
| Topic | Where the rule is | Where the providers name it |
|---|---|---|
| Why and how firms are regulated; the regulators | The Central Bank Acts (the MCC, for example, is issued under section 50 of the Central Bank Reform Act 2010, with sanctions under Part IIIC of the Central Bank Act 1942); authorisation (our mapping) | IOB: “Why financial service providers are regulated”, “Authorisation”; LIA: “The rationale for government regulation” |
| Standards for Business | Section 17A Standards for Business Regulations 2025 (S.I. 80 of 2025), Regulation 4: secure customers’ interests; act with honesty and integrity, with due skill, care and diligence, and in customers’ best interests; inform effectively; counter the risks of financial abuse (Regulation 2(3): securing customers’ interests and the financial-abuse standard apply only in respect of customers who are consumers) | Published by the Central Bank with the Consumer Protection Code 2025, as regulations separate from the Section 48 Regulations (S.I. 81 of 2025) |
| Knowing the consumer and suitability | CPC 2025 Part 2, Chapter 1 | LIA: “navigating the sales/advisory process” |
| Conflicts of interest, charges, regulatory status | CPC 2025 Part 2, Chapters 2, 6 and 7 | IOB: “regulatory rules that apply to intermediaries and/or product providers” |
| Vulnerable consumers, digitalisation, informing effectively | CPC 2025 Part 2, Chapters 3 to 5 | Marked (G) in the Code’s contents: guidance is available |
| Advertising, bundling, errors | CPC 2025 Part 2, Chapters 9 to 11 | LIA: “Authorisation and marketing requirements” |
| Complaints and records | CPC 2025 Part 2, Chapters 12 and 14 | LIA: “Maintaining accurate customer records and effective complaint handling” |
| Unsolicited visits and calls | CPC 2025 Part 2, Chapter 13 | Contact rules for existing, potential and former customers |
| Minimum Competency Code | MCC 2017 (unofficial consolidation, June 2026): qualifications, new entrants, CPD | IOB: “Minimum Competency Code” |
| MiFID | S.I. 375 of 2017, the European Union (Markets in Financial Instruments) Regulations 2017; see also CPC 2025 Part 5, Investments | IOB: “MiFID” |
| Data protection | Data Protection Act 2018, which gives further effect to the GDPR (Regulation (EU) 2016/679) | IOB: “data protection & privacy” |
| Anti-money laundering | Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 | IOB: “money laundering”, “Anti-money laundering” |
| Investor and deposit compensation | Investor Compensation Act 1998; Deposit Guarantee Schemes Regulations 2015 (S.I. 516 of 2015) | IOB: “Investor compensation”; LIA: “Investor protection measures” |
| Consumer contracts and distance selling | Unfair terms: Consumer Rights Act 2022, Part 6 (it revoked the 1995 Unfair Terms Regulations, S.I. 27 of 1995). Distance contracts for financial services: Part 5A of the same Act, inserted by S.I. 309 of 2026 (made 30 June 2026), which revoked the Distance Marketing Regulations 2004 (S.I. 853 of 2004) | IOB: “unfair terms in consumer contracts”, “distance marketing” |
| Ombudsmen | Financial Services and Pensions Ombudsman Act 2017 | IOB: “functions and powers of the Financial Services Ombudsman and the Pension Ombudsman” |
| Whistleblowing and tax evasion | Named in the outcomes; legislation not listed by the providers | LIA: “Legal obligations around whistleblowing”; IOB: “tax evasion” |
Our map of IOB’s and LIA’s Regulation outcomes to the Central Bank’s codes and the statutes, from the sources listed at the end. The chapter numbers are those of the Consumer Protection Code 2025.
Regulation revision checklist
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| Part of the CPC 2025 | What it holds |
|---|---|
| Part 1 | Preliminary and General |
| Part 2 | General consumer protection requirements, Chapters 1 to 15 (our study grouping: the core of the Regulation module) |
| Part 3 | Consumer banking, credit, arrears and certain other financial arrangements (our study grouping: mostly Loans) |
| Part 4 | Insurance (our study grouping: mostly Life Assurance) |
| Part 5 | Investments (our study grouping: mostly Investment) |
| Part 6 | Final Provisions and Revocations |
| Schedules | The Schedules to the Regulations |
The structure of the Section 48 (Consumer Protection) Regulations 2025, S.I. 81 of 2025. Regulation 418 (Part 6) deals with the revocation of the earlier Consumer Protection Code and the Code of Conduct on Mortgage Arrears.
FreeTests: Regulators and why firms are regulated · Authorisation and fitness and probity · Minimum Competency Code
QFA Regulation Essentials: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
Rules with numbers worth knowing
Our suggestion: learn the rules that carry a number of days or a limit. These come straight from the Code and the statutes; they are not a prediction of what your paper asks.
| Rule | What the rule says | Source |
|---|---|---|
| Complaint acknowledgement | Acknowledge each complaint on paper or another durable medium within 5 working days of receiving it; a complaint entered on the firm’s website complaints facility gets an immediate or automatic acknowledgement | CPC 2025, Regulation 105(4)(a) and (b) |
| Complaint updates | Update the consumer, on paper or another durable medium, at intervals of no more than 20 working days, starting from the date the complaint was received | CPC 2025, Regulation 105(4) |
| Complaint resolution | Investigate and make reasonable efforts to resolve within 40 working days; if not resolved, give the anticipated timeframe and, where the consumer has a right to refer the matter to a relevant ombudsman, that right and the ombudsman’s contact details | CPC 2025, Regulation 105(4) |
| Complaint outcome | Within 5 working days of completing the investigation, give the decision and reasons, any offer or settlement, and, where the consumer has a right to refer the matter to a relevant ombudsman, that fact and its contact details | CPC 2025, Regulation 105(4) |
| Complaints analysis | Analyse complaint patterns at least once every 6 months | CPC 2025, Regulation 107 |
| Records | Keep transaction records for 6 years after the transaction is discontinued or completed | CPC 2025, Chapter 14 |
| Cooling-off reminder (digital sales) | Contact the consumer at least 3 and no more than 7 working days before a withdrawal period ends | CPC 2025, Regulation 43 |
| Unsolicited personal visits | Not allowed to a consumer who is a natural person without written consent obtained in advance of each visit; the rule does not apply to visits about a hire-purchase or consumer-hire agreement | CPC 2025, Regulation 108 |
| Investor compensation | 90% of the loss, up to €20,000 per investor | Investor Compensation Company |
| Deposit guarantee | Up to €100,000 per person per institution | Central Bank, Deposit Guarantee Scheme |
| Ombudsman time limit | 6 years from the conduct for a complaint under section 44(1)(a) that does not relate to a long-term financial service; section 51(2) sets the later of several periods for long-term financial services and for conduct under section 44(1)(b) | FSPO Act 2017, section 51 |
| CPD | At least 1 hour a year per function and 1 hour on ethics; no carrying surplus hours forward | Minimum Competency Code, Section 1.7 |
From the Consumer Protection Code 2025 (Section 48 Regulations, Part 2), the Investor Compensation Company, the Central Bank’s Deposit Guarantee Scheme page, the revised FSPO Act 2017 and the Minimum Competency Code, read 27 October 2026. Read each source for the exceptions. The complaints procedure need not apply to a complaint resolved to the consumer’s satisfaction within 5 working days, though it must still be logged (Regulation 105(3)).
From Regulation 105(4) of the Section 48 (Consumer Protection) Regulations 2025. For a firm providing payment services, Regulation 105(5) disapplies paragraphs (4)(d), (e) and (f), and narrows the acknowledgement information accordingly.
To test these rules under time pressure, the ProSyllabus QFA Regulation mock test gives you two full mocks of 100 questions in 2 hours, every answer explained with the Consumer Protection Code, Minimum Competency Code or statute it rests on, a score by topic after each mock, and 4 questions free.
Three QFA Regulation practice questions
These are three of the four free questions of our Regulation mock test, printed as they appear in the test with the explanation it gives after you answer. Each cites the rule it rests on.
Question 1 · Regulators and why firms are regulated
Under the Central Bank Act 1942, what is the primary objective of the Central Bank of Ireland when acting as part of the European System of Central Banks?
- To protect all bank depositors
- To maintain price stability
- To maximise State revenue
- To keep unemployment low
Answer: B. Section 6A(1) of the Central Bank Act 1942 provides that, in discharging its functions as part of the European System of Central Banks, the primary objective of the Bank is to maintain price stability. Consumer protection and financial stability are among its other objectives under section 6A(2). Source: Central Bank Act 1942, section 6A(1).
An original question from the free sample of the ProSyllabus QFA Regulation mock test. It is not an IOB, LIA or III exam question and no awarding body has written or endorsed it.
Question 2 · Authorisation and fitness and probity
When was the Central Bank's Fitness and Probity Regime introduced?
- 1 December 2011
- 1 January 2007
- 1 July 2024
- 24 March 2026
Answer: A. The Central Bank's Supervision page, under Fitness and Probity Requirements, states that a Fitness and Probity Regime was introduced on 1 December 2011 and was fully implemented on 1 December 2012. The other dates belong to other measures, such as the Individual Accountability Framework's senior executive rules (1 July 2024) and the Consumer Protection Code 2025 (24 March 2026). Source: Central Bank of Ireland, Supervision page (read October 2026), Fitness and Probity Requirements.
An original question from the free sample of the ProSyllabus QFA Regulation mock test. It is not an IOB, LIA or III exam question and no awarding body has written or endorsed it.
Question 3 · Minimum Competency Code
What minimum amount of the annual CPD under the Minimum Competency Code must relate to ethics?
- At least four hours each year
- At least two hours each year
- At least one hour each year
- At least one hour every two years
Answer: C. Section 1.7.1(g) provides that a person must complete at least one hour of CPD each year which relates to ethics. Section 1.7.1(f) separately requires at least one hour of CPD each year for each function undertaken that falls within the scope of the Standards; neither requirement is measured over a two-year cycle. Source: Minimum Competency Code 2017 (consolidated June 2026), Part 1, 1.7.1 (CPD requirement), paragraphs (f) and (g).
An original question from the free sample of the ProSyllabus QFA Regulation mock test. It is not an IOB, LIA or III exam question and no awarding body has written or endorsed it.
| Question | Topic | Answer |
|---|---|---|
| 1 | Regulators and why firms are regulated | B: To maintain price stability |
| 2 | Authorisation and fitness and probity | A: 1 December 2011 |
| 3 | Minimum Competency Code | C: At least one hour each year |
The table repeats the answers for readers on a version of this page that does not show the question cards.
On the Fitness and Probity question: the option 1 January 2007 is the date from which the Central Bank’s Minimum Competency Requirements 2006 took effect (Minimum Competency Code Questions and Answers, updated June 2026).
FreeTests: Regulators and why firms are regulated · Authorisation and fitness and probity · Minimum Competency Code
QFA Regulation Essentials: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
About “QFA Regulation past papers”
Neither IOB nor LIA publishes past papers on the pages we read. LIA’s official practice is the ‘Take a Test’ facility, with “hundreds of sample multiple-choice questions” that mirror the format, plus a chapter weighting table, both for registered students; IOB says its programmes are largely delivered and assessed online. No past papers appear on the providers’ pages we read, and a paper written before 24 March 2026 would predate the commencement of the Consumer Protection Code 2025 that day. We do not link to such files.
The Regulation book
LIA says you “will receive a textbook for the module(s) you are studying”, that it is your “primary learning resource”, and that “The exam will be based on the content covered in the textbook”. Use the edition your provider issues for your sitting, and read the Code itself for anything the manual summarises: the Central Bank publishes the 2025 Code on its website Part by Part, and the full PDF of the Section 48 Regulations is on the Irish Statute Book website.
How to study Regulation
| Step | What to do (our suggestion) |
|---|---|
| Read by structure | Learn the Code’s Parts and Chapters first, then fill in each chapter. Practise identifying which rule applies to each situation. |
| Make a numbers sheet | One page of every period, limit and threshold (the table above is a start), revised weekly. |
| Use the chapter weightings | If you study with LIA, spend time in proportion to the minimum and maximum questions per chapter in its weighting table. |
| Practise at 72 seconds | Sit at least one 100-question, 2-hour mock under exam conditions before the real exam, then rework every question you missed. |
Study suggestions are ours; the 100 questions in 2 hours and LIA’s weighting table are from the providers’ pages.
FreeTests: Regulators and why firms are regulated · Authorisation and fitness and probity · Minimum Competency Code
QFA Regulation Essentials: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
Frequently asked questions
What is the QFA Regulation exam?
A 2-hour online exam of 100 multiple-choice questions on Irish financial regulation, run by IOB and LIA. It is part of each of LIA’s four APA combinations and one of the six QFA modules.
Does the QFA Regulation module cover the Consumer Protection Code 2025?
The module covers the Consumer Protection Code, and the 2025 Code has been in force since 24 March 2026, replacing the earlier Consumer Protection Code. Check that your manual edition is the one your provider issues for your sitting.
Are there official QFA Regulation past papers?
Not on the IOB or LIA pages we read. LIA gives registered students sample multiple-choice questions through its Take a Test facility. We do not link to papers found elsewhere.
Which laws are in QFA Regulation?
IOB names consumer protection, money laundering, distance marketing, data protection and privacy, investor compensation, unfair terms in consumer contracts and tax evasion, plus the Minimum Competency Code, the Consumer Protection Code, MiFID and the ombudsmen.
When can I sit QFA Regulation?
With LIA in January, May or September (next: 9 January 2027, register by 6 November 2026). With IOB in any of its five 2026/27 sessions, including the April and July sessions for Regulation, Loans and Investment only.
Is QFA Regulation hard?
Neither IOB nor LIA publishes pass rates on the pages we read. It is broad: many rules and statutes, with numbers and time limits, in 72 seconds a question on average.
For two full timed 100-question rehearsals with every answer explained, see the QFA Regulation mock test.
Sources
- official — IOB: Professional Diploma in Financial Advice (QFA), programme page with modules, learning outcomes, assessment, fees, entry requirements and 2026/2027 key dates (read 27 Oct 2026)
- official — IOB: Key Dates for extra sitting QFA modules in 2026/27 (PDF: trimester start, closing date, exam session and results release for five intakes)
- official — LIA: QFA, Certificate in Professional Financial Advice (modules, fee, assessment, award, study supports)
- official — LIA: APA Designations (QFA Regulation plus one other module; fee; assessment)
- official — LIA: Level 7 Exam Timetable 2026-2027 (registration closing dates, exam dates and times, provisional and ratified results), linked from lia.ie
- official — Central Bank of Ireland: Consumer Protection Code 2025, Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025, S.I. No. 81 of 2025, in force from 24 March 2026
- official — Consumer Protection Code 2025, Part 2: General Consumer Protection Requirements
- official — Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025, S.I. No. 80 of 2025, in force from 24 March 2026
- official — Central Bank of Ireland: Minimum Competency Code 2017 and Regulations (page, with the Unofficial Consolidated Minimum Competency Code, June 2026: scope, new entrants, CPD and Appendix 4 recognised qualifications)
- official — S.I. No. 375 of 2017, European Union (Markets in Financial Instruments) Regulations 2017
- official — Data Protection Act 2018 (revised)
- official — Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (revised)
- official — Investor Compensation Act 1998
- official — Investor Compensation Company DAC: compensation limits
- official — Central Bank of Ireland: Deposit Guarantee Scheme
- official — S.I. No. 516 of 2015, European Union (Deposit Guarantee Schemes) Regulations 2015 (Regulation 11: €100,000 coverage level)
- official — Consumer Rights Act 2022, Part 6 (unfair contract terms) and section 8 with Schedule 1 (which revoke S.I. No. 27 of 1995, the Unfair Terms in Consumer Contracts Regulations)
- official — S.I. No. 309 of 2026, European Union (Distance Contracts for Financial Services) Regulations 2026 (made 30 June 2026): inserts Part 5A, distance contracts for financial services, into the Consumer Rights Act 2022 and revokes S.I. No. 853 of 2004
- official — Financial Services and Pensions Ombudsman Act 2017 (revised), section 51 time limits
- official — Consumer Protection Code 2025, Part 6: Final Provisions and Revocations (Regulation 418)
- official — Section 17A (Standards for Business) Regulations 2025, Part 2: Standards for Business (Regulation 4)
- official — Central Bank Act 1942 (revised, Law Reform Commission), section 6A: objectives of the Bank
- official — Central Bank of Ireland: Supervision (How we regulate), Fitness and Probity Requirements
- official — Central Bank of Ireland: Individual Accountability Framework (Senior Executive Accountability Regime from 1 July 2024)
- official — Central Bank of Ireland: Minimum Competency Code 2017 and Minimum Competency Regulations 2017, Questions and Answers (updated June 2026), Executive Summary
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
