Tributes paid after death of banking legend Michael Lafferty

Entrepreneur and publisher Michael Lafferty, founder and chairman of London and Westport-based Lafferty Group and Retail Banking Institute, has died following a short illness. An authority on retail banking and payments, Michael Lafferty built several knowledge businesses providing research, intelligence, management councils, advisory services, and training and education to clients around the world over the course of a 50-year career. His many colleagues, friends and clients paid have paid many tributes to him.

Born into a large family in Ballaghaderreen, Michael qualified as a chartered accountant in 1972, becoming a Fellow of Institute of Chartered Accountants in England and Wales. In 1975 he joined the Financial Times, where he worked for six years as banking correspondent, accounting correspondent and LEX columnist. Seeing that the growing field of retail banking was not being covered well by the media, he created his own publishing business in 1981 to launch the Retail Banker International newsletter. In the following years, the business grew and expanded globally, opening offices in New York, Dublin, Washington DC, and Singapore. His success was acknowledged at the highest levels in 1988 when he received The Queen’s Award for Enterprise.

Dream realised

There are few countries Michael Lafferty had not visited while spreading his vision for retail banking. His dream to establish the headquarters of the business in his native Ireland was realised in 2014 when he set up an office in Westport, which is now home to Retail Banking Institute and Lafferty Group.

“I’m privileged to have worked closely with Michael, who was a visionary and a great friend and colleague for almost 10 years,” said Caroline Hastings, chief executive of Lafferty Group. “My deepest sympathies are with his family. We will all miss him. We are proud to continue the work he started and we’re committed to continue his mission to deliver excellence in retail banking education and research to every part of the world for our members and clients.”

“It was an exciting ten years working and travelling with Michael,” said Dr Ronan Lynch, director of Retail Banking Institute. “He was a great believer in the power of knowledge and education. His ambition was to bring professional standards and qualifications to banking, and the thousands of people trained by Lafferty Group and Retail Banking Institute are testament to his success.”

Michael Lafferty will be buried in his native Ballaghaderreen. Details will be published on www.rip.ie.