Last week, Damian McDonald was appointed director general of the IFA. While policy issues will be a core part of his role, just as big a challenge for McDonald to ensure the success of IFA will be to safeguard the future financial viability of the association.

Given all that has happened over the past 12 months, it comes as no surprise that the IFA’s financial position has been damaged. Figures released by the IFA for the six-month period to the end of September 2016 show that the association made an operating loss of €830,000, mainly as a result of a 17% fall in income.