Pension scheme reviews
The Pensions Authority has published its supervisory activities report for 2025, addressing the issues identified during its reviews. In common with previous years, these include poor governance practices; risk-management shortcomings; inadequate oversight of administration; shortfalls in investment objective setting, monitoring and documentation; poor and inadequate management and documentation of conflicts of interest; and poor oversight of outsourcing agreements.
The authority approved 10 new personal retirement savings account (PRSA) products in 2025. One application was rejected due to ‘the level of security the custodianship model provided for PRSA contributors’, while, for one of the newly approved products, the authority will be applying enhanced oversight due to the complexity of some of the features.
The Pensions Authority has announced the introduction of XBRL reporting
The report notes that ‘master trusts can continue to expect regular interactions and dialogue with the authority’, focusing on areas such as board effectiveness, operational resilience, corporate trusteeship and investment governance processes.
The appendix at the end of the document has a list of the shortcomings identified across schemes. The Pensions Authority also announced the introduction of eXtensible Business Reporting Language (XBRL) reporting for pension schemes, and has advised trustees and their administrators to begin preparing for future XBRL-based reporting.
Anti-money laundering
Accountants in practice will need to prepare for increases in the anti-money laundering (AML) compliance burden in 2026 and 2027, arising from the 6th Anti-Money Laundering Directive. There will be enhanced beneficial ownership requirements, an independent AML audit requirement, increased sanctions-screening expectations and regulator inspections. The increased requirements will disproportionately burden sole practitioners and SMEs, and the compliance burden is such that most accounting practices now charge an onboarding fee.
ACCA will be presenting a series of webinars on audit compliance
There is a suite of ACCA guides and on-demand free training to assist practices to become compliant.
AMLA feedback
In 2025, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), which is the single EU anti-money laundering regulator, undertook a roadshow covering all 27 EU member states. Key insights from the exercise are:
- The AML landscape is changing very quickly.
- EU member states are starting from different baselines.
- Technology is both a risk driver and a solution enabler.
- Reform of Europe’s AML system is broadly welcomed, including the proposed single rule book.
- AMLA has a unique opportunity to contribute to a better‑functioning AML system.
The three challenges identified are: the legal challenges arising from 27 diverse existing frameworks; emerging challenges from technology and geo-political risks; and regulatory complexity and change. Read this AB article on the AML pressures facing Irish businesses.
Tax Appeals Commission privacy
There has been recent discussion over a potential change to Tax Appeals Commission (TAC) hearings. Based on recent case law, Revenue argues that TAC hearings should be in public; previously, they were held by default in private.
The Irish Government Joint Committee on Finance, Public Expenditure, Public Services Reform and Digitalisation, and Taoiseach reported on their opinion on the matter during the pre-legislative scrutiny of the Revised General Scheme of the Finance (Tax Appeals and Fiscal Responsibility) Bill 2024. The committee recommended that the Minister for Finance makes no change to the existing provisions in respect of public or private TAC hearings, and recommends assessing the degree to which the proposed changes will make Ireland’s tax system more punitive compared with European peers, potentially discouraging international investors.
Audit monitoring webinars
ACCA audit compliance officers will be presenting a series of webinars on audit compliance, which will count where relevant for verifiable CPD generally and towards compliance with IES 8 for statutory auditors.
