Skills and Competencies Framework for the Irish Financial Services Industry

IOB welcomes the launch today by Minister for Enterprise, Trade and Employment, Peter Burke, TD and Minister of State for Financial Services, Credit Unions and Insurance, Neale Richmond TD of a new Report published by the Expert Group on Future Skills Needs (EGFSN) on Skills for Financial Services – Assessment of Future Skills Requirements in High Potential Sub-sectors of Ireland’s International Financial Services (2023-2027).

EGFSN is an independent advisory group supported by a Secretariat in the Department of Enterprise, Trade and Employment. It advises Government on the current and future skills needs of the economy.

The report was developed by EGFSN in the context of Action 8 of the Ireland for Finance Action Plan 2022. It identifies seven high-growth potential IFS sub-sectors and investigates the skills required for their successful development over the next five years, identifying gaps in existing skills supply.

IOB has been selected as the implementation lead for Recommendation 2 – the development of a world class Skills framework for the Irish financial services industry. The report states:

“The Skills Framework is envisioned as a valuable resource for the Irish financial services industry. It will ensure consistency of education, qualifications, and skills standards. It will assist in attracting and retaining talent, reduce recruitment costs, and, as a national Framework, it will facilitate and simplify talent flow between subsectors, supporting further regionalisation of the industry. It will support upskilling, reskilling, and overall skills development, including the skills required for the industry’s pivotal role in sustainable finance and the green transition. The ambition is that the Framework will be renowned internationally for its innovation in skills development at an industry and systems level, enhancing Ireland’s reputation as a hub for people talent in financial services.”

Commenting on the release of the paper and commitment to developing a Skills Framework for the financial services industry, Mary O’Dea, IOB CEO, said:

“The latest paper from the Expert Group on Future Skills Needs released today by Minister for Enterprise, Trade and Employment, Peter Burke, TD and Minister of State for Financial Services, Credit Unions and Insurance, Neale Richmond TD highlights the strong commitment across government departments to support education, qualifications and skills standards within financial services. IOB is currently leading the development and delivery of a skills framework for the retail banking sector, which was a recommendation of the Department of Finance’s Retail Banking Review (2022). Creating a world class financial skills framework is a key initiative in IOB’s 2030 Strategy so leading this Framework in the context of the EGFSN Report aligns perfectly with our vision for financial services skills transformation.

Today’s announcement is a milestone for the sector as we begin the journey to create a national framework for the financial services sector. As implementation lead, IOB looks forward to working closely with stakeholders from across the sector to develop a world-class framework that will ensure the future sustainability and development of financial services in Ireland.”