Fine Gael’s last minister for pension funds is now working for a private pension funds lobby.
Michael D’Arcy announced this morning that he is quitting the Seanad to go work as CEO of the Irish Association of Investment Managers (IAIM).
Mr D'Arcy was junior minister with responsibility for financial services and insurance from 2017 until June 2020.
He follows in the footsteps of another former junior finance minister Brian Hayes, who went to work for the banks.
Announcing his resignation, he said: “Following a period of reflection over the summer, I have decided to take a step back from politics and public life.
“I have tendered my resignation from Seanad Éireann to An Tánaiste Leo Varadkar TD, leader of Fine Gael.
“I have had the privilege of representing the people of Wexford since 2003 and I sincerely thank them for giving me the opportunity to work with and for them.
“I have made my fullest contribution to public life and now wish to start a new career which I can confirm will be with the Irish Association of Investment Managers.
“I will continue to be a proud supporter of Fine Gael and our party leader.
“I have no doubt that they will provide strong leadership and I wish my party colleagues success in the challenging times ahead.”
Michael D'Arcy was also a TD for Wexford from 2007 to 2011 and again from 2016 to 2020.
Sinn Fein’s Pearse Doherty has sought clarity about when Mr D’Arcy will begin working with the lobby group.
He tweeted: “Former FG Minister for Financial Services should clarify when he becomes CEO of the Funds & Investments Lobby.
“Under the Regulation of Lobbying Act poachers cannot become gamekeepers less than a year after they leave public office.
“Former Junior Ministers must serve a 1 year cooling off period if they take up employment with lobbyists.
“Sipo can reduce the timeframe upon application in certain circumstances.”
However the IAIM said it and Michael D’Arcy are fully aware of the Standards in Public Office Commission (SIPO).
In a statement to RTE, they said the now former Fine Gael Senator will not be engaging in any lobbying activities in accordance with the cooling off period for the first 12 months of leaving office.
But Sinn Fein’s Pearse Doherty added: “The law doesn't just ban the former minister from lobbying for a year. The Law bans him from being employed by a body that engages in lobbying. Law is Clear."
