Pearse Doherty TD addresses Irish Banking Culture Board on culture within the industry
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Progress made on bank culture but public trust low
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Why the Davy story is Groundhog Day for the financial sector
Updated / Tuesday, 9 Mar 2021
14:30
The Davy Group HQ in Dublin where the company s slogan it s not just business, it s personal can be seen in the window. Photo: Artur Widak/NurPhoto via Getty Images
Opinion: can anything can be done to prevent this type of opportunistic conduct and misbehaviour in banking and finance?
The news that the Central Bank of Ireland had reprimanded and fined the Davy Group for regulatory breaches will not come as a surprise to many. The Central Bank found issues with conflict of interest identification and management, personal account dealing framework and the firm s compliance function. The Central Bank s observation that the compliance function was circumvented by a consortium of 16 senior figures in Davy is a far more challenging problem, soemthing which highlights insufficient levels of governance and a climate that tacitly condones opportunistic behaviour.