Sinn Féin's Finance Spokesperson has said his party has written to the Standards in Public Office in relation to the appointment of the former Fine Gael Senator Michael D'Arcy as chief executive of the Irish Association of Investment Managers to confirm if the appointment "is in breach of the law".
Speaking on RTÉ's News at One, Pearse Doherty called on the Tánaiste to clarify this matter, as the leader of Fine Gael, whether this matter is lawful or not.
He said there's a bigger issue here and that's "the revolving door between this industry and senior politicians".
He said there are restrictions that he believes Leinster House needs to place on people who've gone from politics into the lobbying professions.
Mr D'Arcy has not received an exemption from the Standards in Public Office Commission in order to take up a new role with the Irish Association of Investment Managers (IAIM).
The Investment Managers Association said that Mr D'Arcy will not engage in lobbying activities for the first 12 months of his employment.
The Association said in a statement, "IAIM obtained legal advice and are satisfied that Michael D'Arcy's appointment as CEO is not in breach of Section 22 of the Lobbying Act. IAIM has not engaged in any lobbying activity in 2018, 2019 and 2020 to date, as evidenced by filings under the Act. Michael D'Arcy and the IAIM will not be engaging in any lobbying activities until the 12-month cooling off period has been completed, in adherence with the regulations."
The former Fine Gael TD was junior minister with responsibility for financial services and insurance from 2017 until June 2020. He was elected to the Seanad for the Agricultural Panel in April 2020.
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Pearse Doherty described the appointment as "simply not acceptable" and said "Mr D'Arcy was the junior minister with responsibility for this area, less than three months ago".
He said, "It's very clear in relation to the 2015 Act. It prevents a junior minister from taking up employment with an organisation, who would lobby the former Department".
He said, "The real question here is this lawful or not".
He said there is now an onus on the Tánaiste and Minister for Enterprise and Jobs, to explain if he is aware of the law, does he believe such an appointment is in contradiction to the law and what is he going to do about as the leader of Fine Gael.
He said, "It's unbelievable the Tánaiste came out this morning cheerleading this."
Labour's Ged Nash described the announcement as "bizarre".
He said the appointment "does not appear to be compliant" with the legislation which was introduced by Brendan Howlin back in 2015, legislation which was supported by Mr D'Arcy when in the Seanad.
Mr Nash said the move certainly is not in "the spirit of the law".
He called on Mr D'Arcy and the IAIM to clarify how they would propose this appointment could work, adding that he did not believe a group established to lobby would "take 12 months off".
Mr Nash added there was now a "real sense" that Fine Gael was a "breeding ground" for people who want to get into lobbying in financial services.
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Under the Regulation of Lobbying Act, former ministers are subject to a one year cooling-off period during which they cannot engage in lobbying or be employed by someone who engages in certain lobbying activities unless they obtain the permission of the Standards in Public Office Commission.
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The move announced this morning has already sparked controversy.
Mr D'Arcy was also a TD for Wexford from 2007 to 2011 and again from 2016 to 2020.
He said today that he had decided to step back from politics and public life after reflecting over the summer.
His resignation will create a vacancy on the Seanad's Agricultural Panel and a by-election will be held.
IAIM said Mr D'Arcy will work closely with its chairman John Corrigan on the development of the IAIM strategy and he will be responsible for resetting the IAIM agenda and priorities, given the changing landscape post-Brexit.
Meanwhile, former senator Ian Marshall has confirmed that he will contest the upcoming by-election triggered by Mr D'Arcy's resignation from the Seanad.
He told RTÉ News: "I would like to put my name in the hat."
The Armagh farmer, who comes from a Unionist background, said tonight that he "achieved a lot" during his two years in the Seanad: "We broke down barriers and built a lot of bridges."
Mr Marshall said he hoped his "insight into views north of the border" would be viewed as an asset, given that the island of Ireland was at a "critical juncture" due to Brexit, Covid-19, a potential recession and CAP reform.
Earlier this year, the former president of the Ulster Farmers' Union contended on RTÉ radio that the "entire unionist community in Northern Ireland" felt let down when he was not returned for a second term by being included in the Taoiseach's 11 nominees.
Additional reporting Paul Cunningham
