ACCA welcomes the opportunity to provide feedback on the Ireland for Finance Strategy 2026 to 2030 Consultation Paper. ACCA notes the scope of the new Ireland for Finance strategy i.e. financial services firms that export their services. Growth of the International Financial Services sector has been a significant contributor to Ireland’s economy since the 1980s. From a global perspective, the financial services sector is estimated to comprise between one-fifth and one-quarter of the global economy. However globally, economic uncertainty has taken hold while simultaneously developments, such as those in technology, represent both challenges and opportunities. We welcome the opportunity to provide input on the current IFS landscape and emerging trends.
There are great opportunities for Ireland to further develop its Fintech sector, (particularly in the area of Regtech) and to be progressive in terms of Blockchain technology. However, we make the following observations:
Critical skills must be available:
Success of the International Financial Services sector is driven by a talented and innovative workforce. A stable and dependable talent pipeline will be critical for long term success. Talented professionals such as qualified accountants, are in critically short supply. Varying education pathways need to be available and accessibility to critical skills training, at all levels through to and including level 9 and 10, is essential. For strategically important skills targeted work placement schemes leveraging talent nationally and internationally would be beneficial. Availability of short courses at relatively low cost with reputable education providers could accelerate skills development where appropriate. This is relevant both in the IFS sector and supporting sectors such as construction. Harmonisation and simplification of regulations, tax incentives and efficient cross-border recognition of educational and professional qualifications will aid mobility of talent. Quality of life must continue be a high agenda item for the Government with the development of physical infrastructure key for both students and professionals to prevent talent migration.
Regulation
There are great opportunities for the sector through the expanding fintech and regtech industries. The emergence of an EU Single Rule book on anti-money laundering (“AML”) also opens the opportunity for centralised AML functions. Proportionality of regulation is vital so that businesses, particularly start-ups, can thrive while faced with unprecedented challenges. This must be balanced with customer protection. Support such as targeted training on existing and emerging regulations and access to sandboxes encouraging innovation, are important. ACCA note that there are seven participants in the programme while 38 had applied.
International collaboration and benchmarking against those best in class will present opportunities. Adequate capacity in the regulatory approval process for firms will be important to prevent any undue delays.
Sustainable Finance
ACCA encourage joined up thinking as we look to transition to sustainable finance. For businesses and individuals alike, education and the development of “green finance” products will underpin progress in this area. There is the opportunity to leverage existing expertise in aircraft leasing and the funds industry. Embedding sustainability in education as early as possible will shift the mindset to transition. Sustainability related incentives such as training support packages need to be expanded and advertised for wider reach. More can be done to create synergies across various Government strategies, for example the Climate Action Plan 2025, the Financial Literacy Strategy 2025, and the Ireland for Finance Strategy.
To read our comments in full, please download the document found on this page.
