Tag: central bank

One in three young people learn about money on social media

One in three (34%) post-primary students now learn about money on social media, and one in seven (16%) don’t feel comfortable asking for help with money-related questions or concerns, according to new research published by MABS (Money Advice & Budgeting Service). The findings will be presented today at a Competition and Consumer Protection Commission (CCPC) event at Croke Park, to open Global Money Week.

The CCPC, as the national coordinator for Global Money Week, will bring together educators, students and representatives from the world of finance to recognise and celebrate the valuable work being done to build financial skills in young people.

MABS will present the findings of their Money Matters Survey, which found that while young people continue to demonstrate strong digital engagement and a growing sense of responsibility towards their personal finances, important gaps remain that require sustained attention from policymakers, educators, and researchers.

  • Over a quarter (26%) of students don’t know how to use an ATM
  • TikTok has strengthened its dominance as the primary social media platform used for financial information/learning (72%), however,
  • Parents and family members remain the primary source of financial learning (73%)

More than 150 students and their teachers from 20 schools across 13 counties will also attend the launch event to share their innovative financial literacy projects, which were sponsored by the CCPC’s Our Money, Our Future programme.

In 2024, the CCPC launched the Our Money, Our Future programme, which invites post-primary schools and Youthreach Centres to apply for sponsorship up to €1,000 to support students in developing their own financial literacy initiatives and resources, based on topics and themes relevant to them. Over 10,000 students from 23 counties around the country participated in the programme in the 2025/26 school year.

Brian McHugh, Chair of the CCPC, said:

“Students in Ireland today are showing a real sense of financial curiosity; we can see this in the research conducted by MABS and through the high-calibre projects that students are creating through the Our Money, Our Future sponsorship programme. However, important gaps remain. It’s up to policymakers and educators to try and close these gaps, which is why events like the Global Money Week launch – that bring together so many groups from the world of finance – are so important.”

Karl Cronin, North Connacht and Ulster Regional Manager at MABS, said:

“The insights from this year’s Money Matters research show that young people have strong financial curiosity, growing digital engagement, and a real sense of responsibility for their finances. When that curiosity is supported with early, practical financial education, it builds confidence that lasts into adulthood. The results also highlight gaps that need continued focus, and MABS is committed to helping bridge those gaps by supporting initiatives, such as Global Money Week, that strengthen financial learning for young people across Ireland.”

The launch event at Croke Park will be attended by representatives from the world of finance also involved in Global Money Week, including An Post, Association of Teachers of Home Economics, Banking and Payments Federation Ireland, Brokers Ireland, BSTAI, Central Bank, Competition & Consumer Protection Commission, Department of Finance, Department of Education and Youth, Euronext, Financial Services and Pensions Ombudsman, Institute of Banking, Insurance Ireland, Insurance Institute of Ireland, Irish Funds, Irish League of Credit Unions, Junior Achievement Ireland, Life Insurance Association, Maths Week, Money Advice & Budgeting Service, Oide, Revenue.

For more information on the Our Money, Our Future programme, please see here.

Coimisiún na Meán awards the Central Bank of Ireland with first Trusted Flagger Status in Ireland

Coimisiún na Meán, has announced the decision to grant Trusted Flagger status to the Central Bank of Ireland. Under the Digital Services Act (DSA), Coimisiún na Meán as the Digital Services Coordinator in Ireland has the power to award Trusted Flagger status to entities established in Ireland who meet certain conditions.

Trusted Flaggers are empowered to identify, detect and notify illegal content within their area of expertise to online platforms. Providers of online platforms are then legally obliged to ensure that notices of the presence of illegal content, reported by Trusted Flaggers are given priority and decided upon without undue delay.

Speaking about the announcement, Digital Services Commissioner, John Evans said: “Coimisiún na Meán is committed to ensuring a media landscape that consumers can trust, and where they are protected from exploitation and fraud. We recognise that financial scams and fraud are a concern to the Irish public, and we welcome the Central Bank of Ireland’s expertise in this area. By granting the Central Bank of Ireland Trusted Flagger Status, we are legally obliging online platforms to ensure that any illegal online content reported by the Central Bank of Ireland, such as financial scams and fraud are prioritised by the platform and dealt with in a timely manner.”

“The Trusted Flagger status is a new statutory mechanism that offers empowerment for organisations by placing obligations on the platforms to give priority to Trusted Flagger notifications. Entities awarded Trusted Flagger status are recognised as such across the EU. Trusted Flaggers will also feed into Coimisiún na Meán’s identification of trends and issues via annual reports which will be instrumental in establishing an informed, evidence-based approach to our platform supervisory activities.”

Meanwhile, Gabriel Makhlouf, Governor of the Central Bank of Ireland, said: “The Central Bank of Ireland is delighted to be the first organisation in the country to be granted Trusted Flagger Status by Coimisiún na Meán. This accreditation marks another milestone in the Bank’s commitment to protecting consumers and strengthens our efforts to disrupt the activities of unauthorised providers of regulated financial services. We look forward to continuing our work to strengthen the framework of consumer protection in Ireland through this new status.”

Under Article 22 of the DSA, Trusted Flagger status can be granted to entities who meet the following conditions:

• It has particular expertise and competence for the purposes of detecting, identifying and notifying illegal content;

• It is independent from any provider of online platforms;

• It carries out its activities for the purposes of submitting notices diligently, accurately and objectively.

The Central Bank of Ireland have been granted the Trusted Flagger status for three years, from 2 April 2025 to 2 April 2028. Their designated area of expertise is financial scams and fraud, including the provision and/or offer of financial services without authorisation. Upon the expiry of the accreditation period the Trusted Flagger status is reassessed and, where appropriate, re-granted.

Further information on the role of Trusted Flaggers and the obligations of online platforms in respect of notices issued by Trusted Flaggers can be found on our dedicated Trusted Flaggers page on the website.

Two thirds agree new Central Bank laws could be the “financial ruin” of workers in the financial services sector

Two-thirds of compliance experts in the financial services sector believe, to some degree, that new laws which allow the Central Bank to fine individuals up to €1 million for rule-breaking – and empower the regulator to go after a person’s assets – could result in “financial ruin” for workers in the financial industry. Furthermore, more than six in ten (62pc) of those surveyed believe the wealth of the individual being investigated should be taken into account when deciding the size of any fine they are to be hit with.

This is according to the findings of a new survey by the Compliance Institute, which polled 175 compliance professionals working primarily in Irish financial services organisations nationwide.

The Compliance Institute survey examined attitudes towards new laws passed last March as part of the Central Bank’s move to clamp down on individuals found guilty of wrongdoing in the financial services industry.

Following changes that were introduced by the Individual Accountability Framework (IAF) Act last year, the Central Bank can now take direct enforcement actions against individuals in authorised roles for the first time. As part of this direct enforcement, individuals can be fined up to €1m for wrongdoing (see Appendix).

Commenting on the survey findings, Michael Kavanagh, CEO of the Compliance Institute said:

“The new laws means that for the first time, the Central Bank can now take direct enforcement actions against individuals in authorised roles. Despite concerns that the new powers could lead to the financial detriment of workers in the financial services sector, our survey found that an overwhelming 85pc of compliance professionals are in favour of the new laws. Almost one in five (17.5%) are already confident the changes are “necessary and well-measured”, while a further 67pc are waiting to see how the new laws work in practice before they make a final judgement.

Furthermore, of those who oppose the Central Bank’s new powers, just 4pc believe sanctions should be limited to the institution only.

This strengthening of powers has generated both discussion and debate throughout the financial services industry and while some groups have welcomed the move, others have voiced their concerns.”

The Compliance Institute points to arguments made by certain lobby groups late last year that these laws could make it harder for the financial services industry to attract and retain talent while others suggested they could even result in “financial ruin” for workers in the sector. Indeed, a survey conducted by the Compliance Institute last year found there was growing concern that new governance rules giving the Central Bank new powers to hold individuals accountable for wilful wrongdoing in the financial sector[1] could stymie the recruitment of senior executives in the field, with nine in ten firms in the sector saying they believe the new rules will make it difficult for firms to hire individuals into particular senior roles.

Mr Kavanagh added:

“Just 12pc of the people we surveyed agreed the changes could hamper the industry in Ireland, but a larger percentage (25pc) believe they could in fact result in financial ruin for the workers involved.  In reality however, most people are on the fence, but one in three are confident that the Central Bank will be proportionate in the application of the powers”.

The Compliance Institute says the new laws should ultimately underpin sound governance across the financial services sector which in turn, consumers should benefit from.

Mr Kavanagh explained:

“While individuals could be fined up to €1m under the new laws, the Central Bank has promised it will apply the sanctions to individuals in a way that takes account of the unique challenges they face compared to firms. Most (62pc) also believe that the wealth of the individual should be considered while almost 6 in 10 say the access to advice provided by their employer should be factored in.”