Editorial: Individuals must face sanctions for financial wrongdoing too
Davy's actions recall the elite cliques and golden circles of the financial crisis – and above all the squandering of trust
Financial services is a complex world, full of arcane terminology and complicated products. At its heart, though, remains something very simple: trust. Whether it is a large corporation seeking advice on a takeover or an individual looking to invest their life savings, a bond of trust needs to exist.
The Central Bank’s decision to impose a fine of €4.13 million on Davy, the country’s largest stockbroker, exposes what happens when that bond of trust breaks...
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