What is Finuas?

Finuas is a state funded programme for developing enterprise-led learning networks within the international financial services sector. It aims to support the sector in maintaining Ireland’s position as a top international financial services centre by investing in further developing the specialist skills and expertise of its workforce. Finuas is a direct outcome of the Expert Group on Future Skills Needs report on the ‘Future Skills and Research Needs of the International Financial Services Industry’ published in 2007. Finuas is managed by Skillnets Ireland on behalf of the Department of Education and Skills.

What Companies Are Eligible For Finuas Funding?

Companies operating within the international financial services sector are eligible to participate in network activities and avail of Finuas funding. This sector is typically made up of four key areas:

  • Banking and capital markets
  • Fund Administration
  • Investment management
  • Insurance

Companies that provide professional services to the sector are also eligible such as legal, tax, accounting as well as business and IT consultancy.

Participating companies must operate in the IFS sector and be wholly private sector businesses or commercial operations. Companies can be large, medium or small in scale. Eligible activities must be related to internationally traded financial services only. Companies can be members of one or more Finuas networks.

Why Should My Company Join The Summit Finuas Skillnet?

Companies benefit from participation in learning networks for a variety of reasons. Among them are the opportunities to:

  • receive free membership
  • receive network member rates for all Summit Finuas Skillnet training and networking events
  • receive the networks’ free newsletter of upcoming training and networking events
  • to tell us what training you would like to see carried out for your company
  • reduce costs by availing of market discounts through grant aided training
  • achieve economies of scale, scope and spend
  • enhance it’s competitiveness in both domestic and international markets
  • avail of subsidised highly specialised training
  • reduce uncertainty and improve staff morale through development and upskilling
  • learn from others and absorb best practice
  • raise the profile of the company
  • jointly recognise and improve industry standards
  • stimulate new business opportunities

How are the Finuas Networks Monitored?

Performance indicators reflect the returns to the range of stakeholders involved i.e. the international financial services industry, the State, individual companies, employees etc. Targets and performance indicators for these types of networks are established at the beginning of the process with outputs and impact being monitored and measured as the networks progress. Examples of quantitative indicators include:

  • Level of investment by the private sector/the international financial services industry
  • Returns on investment to industry, individual companies, and the economy
  • Number of companies participating
  • Number of people trained and number of training days delivered
  • Incidence of innovation
  • Number of new training modules developed or updated
  • Number of certified awards developed (e.g. certificate, diploma and degree programmes)
  • Network performance against the agreed network plan

Finuas networks are required to adhere to Finuas Operating Guidelines and reporting requirements. Training and support is available to networks on implementing these requirements.

What trainees are eligible?

The network offers training to trainees in paid employment within the international financial services sector and be based in the Republic of Ireland to be eligible.

It also offers training to Jobseekers who wish to gain employement in the international financial services sector.

What is the Summit Finuas Networks’ Booking policy?

Please make all cheques payable to Summit Finuas Network. No reservation can be confirmed until an electronic payment, cheque or PO for the full cost of the course is received.

Closing date for Booking: 5 working days before the course start date.

What is the Summit Finuas Networks Cancellation Policy?

This is dependant on the Networks agreement with each individual training provider. Please contact info@summitfinuasnetwork.com for further information.

Can I Make A Booking Over The Phone?

Bookings can only be accepted online (www.summitfinuasnetwork.com ), by fax (01 638 1546), email (firstname.lastname@ibec.ie) or post (Summit Finuas Skillnet, Confederation House, 84-86 Lower Baggot Street, Dublin 2), However, if you have any queries regarding any aspects of courses, you may contact the Summit Finuas Skillnet on 01 605 1546.

What Happens If I Don’t Turn Up On The Day?

If your place is not cancelled within five working days prior to the start date, your company will be invoiced for the full amount.

If I Cannot Attend A Training Programme, Can I Send Another Person In My Place?

That is fine. If the participant name needs to be changed, please notify the Summit Finuas Office immediately  on 01 605 1546 in order to pre-register each participant.

Who Are Skillnets and How Are They Involved?

Skillnet Ireland was established in 1999 by the Department of Enterprise, Trade and Employment to support private sector skills training and upskilling programmes. Skillnets shall manage the Finuas programme on behalf of the Department of Education and Skills. Since 1999, Skillnets facilitate  over 60,000 Irish Enterprises, in over 350 networks to improve the range, scope and quality of training and allowed over 275,000 employees to upskill and meet their work related training needs. For further information on Skillnets Ltd and current Skillnet networks please see www.skillnets.ie

What is a Finuas Learning Network?

A Finuas learning network is a group of companies within the international financial services sector working together to provide training for their collective staff. The networks are led by a voluntary steering group of representatives from network member companies. Each network has a network manager who operates under the guidance and direction of the steering group. He/she is responsible for the day to day management of the network, and to ensure that the network plan is implemented and the network achieves agreed key performance indicators. Each network can determine what training programmes are most needed and how, when and where training will be delivered. This approach ensures that training courses and learning activities are specifically tailored to industry needs by its practitioners and can be delivered in flexible and innovative ways. Finuas operates on a co-funding agreement between enterprise and State.

What is The National Framework Of Qualifications (NFQ)?

The National Framework of Qualifications (NFQ) is intended to put the learner at the centre of the education and training system in Ireland. It is important that you are aware of the NFQ, understand what it means for you, and the benefits it can bring.

The NFQ provides a structure (a framework) to compare and contrast the level and standard of different qualifications. This helps you to make informed decisions about your qualification choices and to consider progression opportunities available to you. The NFQ also makes it easier for you to explain to others what qualifications you hold, or are studying for. This becomes very important when you are considering further learning or when you are applying for a job – at home or abroad.

The NFQ, illustrated by the “fan diagram” above is a system of ten levels. It is based on standards of knowledge, skill and competence and it incorporates awards made for all kinds of learning, wherever it is gained. School qualifications awarded by the State Examinations Commission, further education and training qualifications awarded by FETAC and higher education and training qualifications awarded by HETACDIT, other Institutes of Technology and the Universities are all included in the Framework.

For further information please visit www.nfq.ie

Figure 1 – National Framework of Qualifications Fan Diagram