Sir, – Your report on the Davy stockbroker debacle mentions that “16 staff sought to make a profit without telling the firm’s compliance team or the client it was acting for” (Business, March 3rd) .
No doubt they will repay this sum or would that be wishful thinking? – Yours, etc,
Sir, – Minister for Finance Paschal Donohoe has called on Davy to issue a public statement after the brokerage was hit with a €4.1 million Central Bank fine in relation to a bond deal where a group of 16 staff, including senior executives, sought to make a profit without telling the client or the firm’s own compliance officers.
Companies don’t break the rules, people do, and people, not a company, should be made accountable for their actions.
Retained earnings at Davy, the country’s largest stockbroking firm, stood at €123 million in 2019 and this figure was largely unchanged on the previous year.
The public statement requested by the Minister should include what action, if any, has been taken against the individuals involved in this misguided plan. – Yours, etc,
Sir, – To quote Davy’s advertising slogan, it not just business, it’s personal. – Yours, etc,