Executive Summary
Self-Regulation of the iPro Sector
The PCSO has brought together all the interested parties in the sector over the last three years.
The focus of the PCSO has been to establish the framework for iPros to operate within, and to ensure that the safeguards and self-regulation requirements are put in place to bring a greater level of acceptance and clarity to the sector.
The steps taken to date include the adoption of a code of practice by PCSO members that provide services to the majority of iPros in Ireland. This code of practice brings a common and professional approach to providing service to iPros. This as outlined previously is vetted by PWC and a certificate of compliance is issued to each PCSO operator once they achieve this level of compliance.
The “Self-Declaration” for the iPro has been proposed, discussed and agreed at the PCSO forum and it is seen a very important step in the self-regulation journey. The feedback from the iPros and the industry that engages their services has been both positive and supportive. The PCSO believe that this proposal can be introduced easily and effectively and will lead to greater clarity and compliance in the sector.
The PCSO members ensure that all iPros are given professional financial advice in managing their affairs and are presently standardising practices to ensure all iPros are given advice on Pensions, Life assurance, and medical insurance. This is seen as the next step in the Self-Regulation journey.
The initiatives by the PCSO ensure that the sector is well regulated and that iPros are well informed as to their responsibilities and obligations. This can lead to a thriving sector supporting Irish based companies to continue to win FDI in the international stage, and make Ireland an attractive location to base Capital Investment projects.
Requesting the assistance of the Minister of Finance
The request that is made to the Department of Finance ( Minister of Finance) is to assist the sector on it’s journey of Self-Regulation, and providing it’s services to Irish based industry with:
- Tax Briefing on Travel and Subsistence dealing with the correction of the anomaly where by iPros are unable to claim Travel and Subsistence expenses incurred “ Wholly and Exclusively” for business purposes while performing their professional services supporting industry.
- In the forthcoming Finance Act solidify this with a provision ( as from the Tax Briefing above) to ensure there is no misunderstanding going forward and give confidence to the sector.
- Assist the PCSO in rolling out the Self –Declaration, by Revenue Commissioners agreeing to provide the letter of acknowledgement on submission by the self-declaration by the iPro.
The PCSO for its part will continue to work with the Revenue Commissioners, and other Government Departments at the PCSO Forum to ensure there is a vibrant, supportive and compliant iPro sector in Ireland that continue to support existing operations in Ireland and play their part in attracting further Foreign Direct Investment.
