Regulation and recruitment challenge financial services sector, report shows

Financial Services Ireland, which is a part of lobby group Ibec, suggested the Central Bank should examine its administration of regulation in an effort to make it more simple and streamlined

The report found firms have consistently reported the process of obtaining a licence from the Irish banking regulator to be lengthy and complicated.

Irish financial services firms said regulation red tape and a tight labour market have become barriers for further growth in the sector.

In a report by Financial Services Ireland (FSI), fintech startups in particular said they have been struggling to find skilled staff as Ireland reaches full-employment while they compete with larger firms who are scooping up talent.