Minister McGrath launches Financial Services Union strategic plan for 2023- 26

New strategy will focus on membership recruitment, organising and being relevant to a new generation of workers in the wider Financial Services Sector.

The Financial Services Union have today (Thursday) launched their three-year strategic plan aimed at growing and strengthening the Union and appealing to a new generation of workers.

The FSU commissioned Genesis, a leading strategy advisory firm to undertake the work of producing a strategic plan for the Union for the years 2023-26.

Minister for Finance Michael McGrath TD, launched the plan in the Radisson Blu Hotel in Golden Lane, Dublin 8, and said:

“I welcome the publication of the Financial Services Union Strategic plan. A balanced and equitable economy, underpinned by a robust, secure, and well-regulated financial sector, is a key strategic objective for me as Minister for Finance and for my Department.

Promoting the availability of finance for consumers and the business community is vital for economic growth. A strong and effective financial services industry is essential to job creation, economic expansion, and, ultimately, societal well-being.

This strategy shows how the FSU is adapting to address the shifting needs of its members and broader society in what is a rapidly changing operating environment.  I believe there is a bright future ahead for the FSU and its members, and wish them well with the implementation of the strategy”.

Speaking at the event John O’Connell, General Secretary of the FSU said :

“The last few years have seen significant changes in the Irish retail banking sector. Our view is that change will continue but needs to be managed in a fair and equitable manner. The journey to a changed finance sector needs to be a just transition for stakeholders and there needs to be protections for staff and continuing access to local retail banking facilities for consumers.

To help achieve this the FSU believes the retail bank branch network needs to be maintained at its current level and have advocated for the retention and expansion of the levy with the proceeds of the banking levy to be used to support and enhance the branch network and the wider financial eco system and to provide financial and digital literacy programs across the country.

The future of work is an ever-changing landscape that requires new flexibility from employers and trade unions. It is the job of the FSU to change in line with the workforce it supports and represents.

Our growth strategy will focus on membership recruitment and organising and explore how the FSU can appeal to a new generation of workers and develop a wider perspective to attract increasingly diverse members.

Our vision of the future sees the FSU at the heart of the financial services community, achieving the maximum impact within our mandate. Our purpose is to support, enable, and empower members to achieve their career ambitions while leading the development of a sustainable, ethical financial services sector.

There is plenty of room for optimism despite the challenges on the horizon. The tech sector is increasingly a key part of the financial sector and growth in financial services is expected to be in areas such as fintech, international finance services, sustainable finance, and ethical finance. These developments offer new career possibilities to our members and growth opportunities to our union. As well as continuing to be the leading voice of workers in retail banking, the FSU will look to these and other sectors for growth.

We will achieve this through a sustained programme of listening and collaboration, research and analysis, new proposition development, and better use of technology.

ENDS

To read the Strategy Plan:  https://www.fsunion.org/assets/files/pdf/fsu_strategy_document_2023-26.pdf