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Irish Post
13 hours ago
- Business
- Irish Post
Ireland's financial services hit record levels
IRELAND'S financial services sector has reached a major milestone, now employing more than 60,000 people—up from just 35,500 in 2015. The nearly 70% growth over the past decade is in part to do with Brexit, which caused many companies to relocate operations from Britain to Ireland. However, a new consultation paper from the Department of Finance warns that this Brexit-driven momentum is likely coming to an end. The paper, published as part of a public consultation process on the next phase of the 'Ireland for Finance' strategy, highlights the need for new approaches to ensure continued growth in the sector. 'Ireland is now home to many global financial services giants, many of whom have chosen it as their EMEA headquarters,' the paper notes. 'Post-Brexit, Ireland experienced a further influx of IFS firms relocating from the UK.' But it also cautions that the advantages gained from Brexit are likely to diminish as emerging international hubs like Singapore and Dubai ramp up efforts to attract financial services companies. Launched in 1987 under then-Taoiseach Charles Haughey, the 'Ireland for Finance' strategy has helped transform the country into a global financial services powerhouse. Today, Ireland hosts approximately 600 international financial services companies and ranks as the sixth-largest exporter of financial services in the world. It is also the third-largest domicile for investment funds and has developed strong specialisations in sectors such as banking, funds, asset management, insurance, reinsurance, fintech and aircraft leasing. Minister of State at the Department of Finance, Robert Troy, said Ireland's success stems from a clear and consistent policy approach. In a recent interview with FinTech Magazine, he pointed to fintech as a core focus area of the current strategy. 'This is a sector where we've seen rapid growth over the last decade,' he said. 'And I think that growth probably stems from the fact that we had a clear strategy for Ireland for finance.' Troy also underscored the need for balanced regulation, noting that the Central Bank of Ireland's 'strict but fair' approach has been essential to maintaining investor confidence. 'We're dealing with people's savings, with transferring assets. They want certainty and protections in place.' In addition to rising global competition, the consultation paper outlines other challenges for the sector, including the green transition and sustainability objectives set by both Ireland and the EU. The paper notes that the financial services industry will play a critical role in funding climate-related projects. It also highlights the need to encourage people to move savings from low-interest bank accounts into more productive investments that support long-term economic development. The Programme for Government has set a goal of creating 9,000 new jobs in the IFS sector by 2030, but the Department of Finance warns that in today's uncertain global environment, simply holding onto existing jobs is equally important. Last year, a report by Indecon found that the funds and asset management sector alone delivered nearly €1 billion in direct tax revenue. The public consultation, which is open until September 19, invites stakeholders to contribute their views on how Ireland can continue to grow its financial services sector while identifying barriers to competitiveness. The next phase of the 'Ireland for Finance' strategy will aim to ensure that Ireland remains a globally attractive destination for financial firms, even as the international landscape becomes more complex. See More: Economy, Finance, Finance Minister, Robert Troy
The Irish Sun
13-07-2025
- Health
- The Irish Sun
New ‘right to be forgotten' law for cancer survivors marks significant step – survivors deserve to move on with lives
THERE was some good news for cancer survivors this week. The Government said it will progress plans to give them the 'right to be forgotten' and end barriers to accessing financial products. 2 Robert Troy writes that cancer survivors deserve to move on with their lives without being penalised Credit: Alamy 2 The Government will bring forward legislation to enshrine in law that they have the 'right to be forgotten' Credit: Getty Images - Getty The Central Bank (Amendment) Bill 2025 will ensure cancer survivors can't be discriminated against when it comes to obtaining certain insurance products, specifically mortgage protection, due to their medical history. For too long, cancer survivors in Ireland have faced an uphill battle not just in beating the cruel disease but then in rebuilding their lives, particularly when it comes to accessing basic financial products. Despite being in remission for years, many are penalised for their past diagnosis. The legislation was proposed by Fianna Fail's Catherine Ardagh. Writing in The Irish Sun on Sunday today, Robert Troy, Minister of State with special responsibility for Financial Services, Credit Unions and Insurance, says a fairer deal for cancer survivors starts now. READ MORE IN IRISH NEWS THIS week marked a significant step forward in our commitment to fairness, transparency and compassion in the insurance market. The Government will bring forward legislation before the summer recess to enshrine in law the 'right to be forgotten' for At the heart of this legislation is a simple principle: if you've beaten cancer, your past diagnosis should not define your financial future. Survivors deserve to move on with their lives — to buy a home, protect their Most read in The Irish Sun Many cancer survivors in Ireland have found themselves excluded or charged unfairly when applying for basic financial protections like The major symptoms of 'common cancer' as HSE say 'know the signs' That's not right. It's not reflective of the person they are today, nor is it reflective of the values we aspire to as a country. That's why this Government is acting. This is a Bill with broad cross-party support. I must commend my Her effort over the years has allowed me to introduce it as a Government Bill, speeding up the process and advancing it before the summer recess. CERTAINTY NEEDED Her tireless advocacy has helped bring this issue to the fore and push it up the political agenda. The new legislation will start with mortgage protection — following international best practice — and we hope to review the scope of the legislation in future in a careful, informed way, with a view to delivering the most impact for the greatest number of people. I want to acknowledge the positive steps already taken within the industry. In 2023, a Voluntary Code of Practice was introduced by Insurance Ireland and supported by the Irish It was a welcome move that showed what is possible when an industry works with advocates and Government to do the right thing. However, voluntary codes alone aren't enough. Survivors deserve certainty. That's what this legislation will provide. ADVANCEMENT SHOULD NOT BE PUNISHED Enshrining this into law means While eight companies signed up to the Voluntary Code, its very nature meant they could withdraw or that new entrants to the market could disregard it. That will not be the case with this law. This is about removing unnecessary barriers to home ownership and It's about making sure our insurance system treats people with dignity, respect and fairness. And it's about restoring confidence that the market is transparent and working in the best interests of all citizens. Cancer is a monumental hill to climb for individuals, their partners and families. We are fortunate that with advances in That advancement should not be punished. Survivors who have been without treatment for seven years, or five if diagnosed under the age of 18, will now have clarity and comfort. This legislation is also a direct delivery on our Programme for Government commitment. It was included for a reason: because it's the right thing to do. REFORM FOR FAIRNESS The Government has been clear in its ambition to drive a more inclusive and fair insurance landscape. This announcement is a major milestone on that journey. It was a piece of legislation which I wanted to make real progress on when I took up my role in January and it is my intention that this Bill will be enacted before the end of the year. It is also important to recognise the ongoing work of the Irish Cancer Society whose campaigning and research has been instrumental, and Insurance Ireland, who have constructively engaged throughout and managed the Voluntary Code of Practice. Legislative drafting is underway and we are working closely with colleagues across We're also talking with key stakeholders to ensure the law strikes the right balance between consumer protection and market integrity. We want to send a clear message to cancer survivors: We see you, we support you, and we are changing the law to make your path forward easier. This reform is not about punishing insurers, it's about building a market that is based on fairness, transparency, and compassion. That's what modern Ireland should be about. And that is what this Government is delivering.
Irish Independent
08-07-2025
- Health
- Irish Independent
Legislation being fast-tracked to ensure cancer survivors can't be discriminated against by insurers
The legislation aims to ensure that people who have survived cancer are not penalised for their past health experiences when trying to buy a home or other financial activities. The right-to-be-forgotten legislation to be brought forward by the Government before summer recess. The move follows what the Government said was positive progress with a voluntary code of practice on the issue, introduced in 2023, by the insurance sector. Minister of State Robert Troy said he has prioritised the Central Bank (Amendment) Bill 2025 that will give effect to the right to be forgotten following industry engagement. He said the Cabinet has now agreed to bring forward legislation which will ensure that cancer survivors cannot be discriminated against when it comes to certain insurance products, specifically mortgage protection. The so-called 'Right to be Forgotten' legislation was introduced by Fianna Fail Deputy Catherine Ardagh under the Central Bank (Amendment) Bill 2025. Mr Troy said the voluntary code is being fully adhered to by the eight insurers who originally signed up. A report from Forvis Mazars, on behalf of Insurance Ireland, found that more cancer survivors have access to mortgage protection without increased cost than prior to the introduction of the code. Mr Troy said: 'Since taking on this brief, I have recognised the importance of the issue for cancer survivors, their partners, and families. 'By adopting this Bill in Government time and focusing on amendments at Committee stage, it has allowed me to introduce it faster and secure its place on the agenda before the summer recess.' ADVERTISEMENT Learn more Chief executive of the Irish Cancer Society Averil Power said the society released research in 2022 outlining how hard it was for people affected by cancer to access insurance and other financial products in Ireland. 'We found that only one in four cancer survivors felt they were treated fairly when buying financial products. 'After years of campaigning, we welcomed the introduction by Insurance Ireland of a voluntary code to improve access to mortgage protection insurance for cancer survivors.' Ms Power said the Irish Cancer Society has consistently argued that legal protection was needed and that other insurance products should also be covered. The Bill seeks to enshrine the 'Right to Be Forgotten' for cancer survivors in Irish law, ensuring they are not unfairly treated in accessing insurance products, such as mortgage protection insurance, due to their past medical history once they have met defined recovery milestones. It is understood that the Department of Finance has engaged extensively with stakeholders, including the Irish Cancer Society, Insurance Ireland, regulators, and international peers, in order to identify the most appropriate and effective means to progress this legislation. It is expected that committee stage amendments are also being prepared, and the Department of Finance will work in consultation with the Attorney General's Office, to ensure the bill is fully compliant with EU law and operationally viable.
Irish Times
12-06-2025
- Automotive
- Irish Times
Motor insurance premiums rise almost 10%, according to latest data
The increasing cost of motor insurance premiums , with the latest official data pointing to a jump of almost 10 per cent year on year, has led to the junior Minister with oversight of the area to express his concern. According to the Central Statistics Office (CSO), the cost of motor insurance climbed by 8.4 per cent over the last 12 months, more than four times the general rate of inflation which was put at 1.7 per cent. The recent jump in prices comes on top of multiple increases in 2023 and 2024 with the average cost of a premium said to be well in excess of €600 as a result. 'The year-on-year increase in motor insurance is concerning, despite prices being over a third lower since their 2016 peak,' said the Minister of State with Special Responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy. READ MORE 'While recent reforms in the sector have had a positive impact, it is clear that more needs to be done from a policy perspective to ensure that consumers are getting access to cheaper premiums.' More engagement with the Injuries Board has led to a reduction of 30 per cent in respect of motor injury claims and 41 per cent in respect of awards values over a six-year review period covered by a recent report. [ Opens in new window ] There have been substantial changes to the motor insurance sector over recent months that have made it harder for people driving without insurance to escape detection. Reforms have also brought about greater transparency when it comes to claims and driver behaviour all of which suggest g the cost of premiums should be on a downward trajectory. Will rent reform make building apartments viable? Listen | 40:12 However that has not been happening with some motorists now paying more than €200 for cover now than they were just three years ago. The Minister for State said that is his meetings with 'the main insurance players since taking office, I have underlined my expectation that savings arising from these reforms be passed on to consumers. ' He said that a public consultation on the new Action Plan for Insurance Reform has been completed and reviewed by officials in the Department of Finance. 'Insurance reform is a key priority for me and this Government, and we will be in a position to publish this Action Plan over the summer,' he continued. He said it was his intention that the plan would l focus on a 'series of targeted actions which can have meaningful impact for consumers, including an expansion of the Office to Promote Competition in the Insurance Market.'
Finextra
09-06-2025
- Business
- Finextra
Irish fintech sector defies global headwinds
Ireland's fintech sector has delivered exceptional performance despite global headwinds, attracting nearly €1 billion (€997.8m) in investment over the past 5 years. 0 While European fintech VC deal activity levelled off in 2023, Irish fintech experienced an exceptional year with the second-highest year for deal volume in a decade, attracting €266.3 million in investment, representing the second-highest annual deal volume in a decade, according to a new Enterprise Ireland report powered by PitchBook data. Enterprise Ireland is ranked among the top three most active European fintech investors in 2024, driven by strategic focus on early-stage companies where the organisation excels. The robust investment activity reflects Ireland's growing position as a global financial services hub, now hosting over 400 international financial firms - including half of the world's top 50 banks and over 200 Irish-born fintech and financial services companies. Leading the Irish delegation to Money2020 Europe, Ireland's Minister with special responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD, said: 'Ireland has achieved a well-earned reputation as a global destination for financial innovation with a leading position in fintech, reflecting the country's success in attracting major firms and fostering a vibrant startup ecosystem. Ireland is home to over 400 financial services companies, including global players like Stripe, PayPal, and Square, as well as homegrown innovators such as FEXCO, Fenergo and TransferMate. This ecosystem is supported by a highly skilled workforce, a strong regulatory framework, and underpinned by the Irish government's 'Ireland for Finance' strategy. 'Fueled by AI and cutting-edge technologies, Ireland's fintech and financial services ecosystem is dynamically adapting to global changes, driving innovation and delivering smarter, more inclusive financial solutions for the future. Money2020 is an important international platform to showcase this,' added Minister Troy. Anna-Marie Turley, Head of Enterprise Ireland's fintech and financial services portfolio commented: 'Ireland's dynamic landscape of fintech companies, particularly in the areas of regtech, payments, digital identity, sustainable finance, and AI highlights the strength, innovation and diversity present in Irish financial services. Critically, there is a very strong level of R&D investment in the fintech space in Ireland. Enterprise Ireland's fintech clients have invested over €600 million in R&D between 2018 and 2023. 'With fundraising budgets tightening globally, Enterprise Ireland's strategic investments, and the Irish government's support for innovation, will help firms to scale further and ride out disruptions in the global trading environment. Money20/20 is an important platform to showcase the scale of fintech innovation from Ireland, which is delivering for a global industry,' added Anna-Marie Turley. Over 20 Irish fintech companies are participating at Money2020 this year and will be showcased at the Irish Pavilion (stand 1H130) including industry heavy weights FEXCO, TransferMate, ID-Pal, Know Your Customer, DAON and rising stars such as Apata, Dimply, Prommt, Splink, CleverCards, Continuum Commerce, Engage Hub, Facilipay, among others. Enterprise Ireland is set to build a strong presence at this year's Money20/20, promoting Ireland as a centre of excellence and innovation for regtech, fintech and financial services, and celebrate the success of Irish fintech and financial services companies across the European market. Money20/20 offers Enterprise Ireland clients unparalleled opportunities to expand their reach in Benelux and beyond. Key events across the conference included: Taste of Irish Fintech @ Money20/20 - an Irish reception at the Enterprise Ireland Stand (stand 1H130) Tuesday 3 June, 14:00-15:00 Enterprise Ireland Money20/20 Networking Event for partners with Guest of Honour Robert Troy TD, Minister of State at the Department of Finance Breakfast Networking Roundtable on The Future of Payment with Artificial Intelligence - Wednesday, 4th June 2025 8am to 9:15am EU Competitiveness and Fintech Innovation in Ireland - Robert Troy TD, Minister of State at the Department of Finance, will be on stage joined by Fortune's Europe Business Reporter Ryan Hogg, to offer his thoughts on creating an attractive ecosystem for founders, growth, and talent. Wednesday 4 June,14:30—15:00 at Briefing Stage
