IFA fallout: Hard to find any positives in the bad publicity

The old saying goes, “there is no such thing as bad publicity” but the past week’s revelations on pay and remuneration of the former chief executive and general secretary of the IFA, Pat Smith, have undoubtedly damaged the organisation.

Con Lucey

As if the damage arising from the pay arrangements over the two years 2013 and 2014 didn’t cause enough damage, the details of Pat Smith’s exit package — topping out at €2m plus pension — seems incredulous.

It remains to be seen to what degree the controversy will impact on the financial health of the organisation — but given that the organisation is predominately funded through membership fees and levies, any drop in membership will have a big impact on the bottom line.