FSU calls for independent review of Davy following €4.1m fine

The call follows the decision of the Central Bank regulator last Tuesday to fine Davy €4.1 million and to reprimand the firm. Pic Sasko Lazarov/RollingNews.ie

The general secretary of the Financial Services Union, John O’Connell, has called for a thorough, independent review of the operation of stockbroker Davy.

His call follows the decision of the Central Bank regulator last Tuesday to fine Davy €4.1 million and to reprimand the firm after finding that 16 staff, including top executives, had sought to make a profit by taking the other side of a bond deal involving a client in 2014 – without telling the regulator or the firm’s compliance team.