Davy stockbrokers has made an ‘unreserved and unequivocal apology’ ahead of the Oireachtas finance committee later today.
In a letter to the committee, interim CEO Bernard Byrne pledges to restore public trust and ensure there’s no repeat of the saga.
The Central Bank will appear before the committee today, and will call for more powers to make individuals accountable.
It fined Davy 4.1 million euro last week, after 16 of the broker’s own staff were involved in wrongful trading practices in 2014.
On the Morning Mix, editor of the Currency and Enniscorthy man Ian Kehoe explained that if the Senior Executive Accountability Regime was implemented, the staff wouldn’t have gotten away so easily:
Central Bank to discuss Davy case with gardai and ODCE
Updated / Tuesday, 9 Mar 2021
22:22
Business Editor
The Director General of Financial Conduct at the Central Bank has said the findings of the bank s investigation into Davy will be discussed with gardaí and the Office of the Director of Corporate Enforcement.
However Derville Rowland told the Oireachtas Finance Committee that the probe into the stockbroker did not form views that criminal reports should be made to other agencies.
Ms Rowland said that now that the full details of the investigation are out into the public domain, the bank is satisfied to engage with other unnamed agencies who may see a relevant role with them, adding that it has had tentative engagements with some.
CP86: Getting the plan right
Irish fund management companies have until the end of March to devise their plan for CP86, the Central Bank of Ireland’s governance framework. In a webinar hosted by
Funds Europe, a panel of experts outlined the critical elements in the framework and what firms should consider when putting their plan together.
The Central Bank of Ireland’s (CBI’s) governance framework, CP86, was introduced in 2016 and took effect a year later. It was thrust to the forefront of fund managers’ minds when a ‘Dear Chair’ letter published by the CBI in October 2020 criticised the industry for failing to meet its requirements fully.