Davy slapped with €4.1m fine for failure to supervise staff during Anglo bond sale

The Central Bank said it was sending out a message about the need for investment firms to strictly supervise potential conflicts of interest

Davy Stockbrokers on Dawson St. in Dublin. 1999Pic: Graham Hughes/Photocall Ireland! LOGOS 99

None of the 16 staff, including senior personnel, employed by Davy have been reprimanded by the firm despite the country's largest stockbroker having been slapped with a €4.1m fine, it appears.                         

The Central Bank imposed the fine -- the largest ever handed out for an Irish stockbroker -- after Davy failed to supervise a group of 16 of its own employees in their personal account dealings in the sale of Anglo Irish bonds for a client of the firm in late 2014. It marks a further stain on the financial services industry here.