Davy transactions not subject to ‘adequate’ review, Alvarez & Marshal finds

The firm retained by Davy to conduct an internal review after the stockbroker was fined by the Central Bank said some dealings which had a high risk of conflict of interest should have been scrutinised more closely

22nd July, 2021
Davy transactions not subject to ‘adequate’ review, Alvarez & Marshal finds
A review of transactions at Davy indicated that the total value of trades being executed in staff accounts in future ‘should be significantly less than values up to year end 2020’. Picture: Getty

Certain transactions at Davy were not subject to adequate review despite having a high risk of conflict of interest, an internal review of the stockbroker’s transactions has found.

Alvarez & Marshal (A&M), the professional services firm, was retained by Davy to conduct an independent review of its transactions after the stockbroker was fined more than €4 million by the Central Bank of Ireland in March 2021. It looked into staff dealing and transactions...

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