WEALTH March 30, 2026 0 Comments

FSI’s Bold New SIA Playbook: Game-Changing Moves That Could Flip the Industry on Its Head

Ever wondered why, despite Ireland’s reputation as a global financial powerhouse, its people still clutch their cash as if it were gold—yet shy away from investing in capital markets? It’s like having a luxury sports car parked in your driveway and never taking it out for a spin. Enter Financial Services Ireland (FSI), the heavyweight champions representing the sector under Ibec’s wing, who’ve just dropped a game-changing blueprint for SIA savings & investment accounts aimed at transforming how everyday Irish retailers engage with investing. Ahead of the government’s Annual Savings and Investment Forum on March 31, FSI’s recommendations are not just about creating accounts—they’re about sparking a whole new retail investment culture in the Emerald Isle, helping folks build financial resilience while pumping fresh capital into the economy. This could be the wake-up call Irish savers never knew they needed, especially when holding cash in deposits quietly loses value to inflation over the years. Intrigued? Dive into how a simple, accessible savings and investment account might just flip the script on Ireland’s investment habits and, honestly, make a real dent in the nation’s financial future. LEARN MORE.

Financial Services Ireland (FSI), the Ibec group representing the financial services sector, has published its key recommendations for the introduction of SIA savings & investment accounts for retail investors ahead of the government’s Annual Savings and Investment Forum on Tuesday (31 March).

Led by the Department of Finance and supported by the Central Bank of Ireland and the Competition and Consumer Protection Commission, the forum will bring together key industry leaders, consumer voices, and public policy leaders to explore the continued evolution of the savings and investment ecosystem in Ireland.

FSI will be participating along with representatives of our member firms.

Despite the country’s status as a global hub for financial services, Irish people have historically proven reluctant to invest in capital markets.

According to the Central Bank, Irish households have some of the strongest balance sheets in the EU, with a debt-to-income ratio of 75% versus the EU average of 94%.

Research from the CBI shows that 38% of financial assets among Irish households are held in cash and deposits, above the EU average of 30%, while just 2.3% are in direct investments such as listed equity and debt securities (7.5%).

Ireland also has one of the lowest levels of holdings in investment funds in the EU, at just above 2.2%

The FSI’s recommendations are derived from a cross-sectoral taskforce, with representation from major domestic and international financial services firms operating in Ireland.

The taskforce’s recommendations provide guidance on the design and implementation of SIAs and include two key goals:

1. Help more people in Ireland become financially resilient through investing.

2. Get more money into capital markets to help fund economic growth.

“As a group, we brought a great deal of experience across different sectors and together we had a mission of providing a blueprint for the introduction of savings and investment accounts that have tax advantages and are accessible to investors of all income levels,” said Eoin Fitzgerald, chair of the FSI SIA Taskforce and country head for Brown Brothers Harriman.

“Through that, we hope to develop a retail investment culture in Ireland as consumers become more comfortable with owning investment products such as stocks, bonds, investment funds and exchange traded funds (ETFs).”

The taskforce sees as important the establishment of a “retail investment culture” but concedes it will take several years to increase the number of consumers who are comfortable with owning investment products.

It proposes the introduction of a new, standalone savings and investment account (SIA) with a specific set of features to ensure its successful take-up with retail investors.

The first phase of the SIA should be simple for consumers to understand, and the taskforce anticipates that more sophisticated SIA account schemes may be developed in the medium term.

FSI analysis shows that the cost to the Exchequer from a loss of DIRT revenue and tax on displacement of other investments is likely to be less than €54m annually.

It believes the cost will be more than offset by the overall benefit of improved financial resilience of the people in Ireland as well as ancillary benefits to the real economy.

Patricia Callan, director of FSI, commented: “It is clear that as a country we are a nation of savers. While that is no doubt a positive, and keeping some money in deposit accounts is necessary, there is a blind spot when it comes to retail investing in Ireland.

FSI has released its recommendations for Irish savings & investment accounts.

“There is a perception that holding cash on deposit is risk-free, yet we know that in reality with inflation, Irish citizens are losing money over time.

“Although markets can go up and down at any given time, historically, over a longer time period – five, ten or twenty years – investing has provided solid returns for investors and an opportunity to build wealth.”

She added: “We hope these recommendations from our Taskforce can help with the introduction of SIAs, which will be an important step in changing Irish attitudes towards investing.

“If that happens, it will ultimately benefit individuals, families and the country overall.”

Photo: Patricia Callan. (Pic: File)