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€4.1 million Davy fine for personal account dealing underlines urgent need for Senior Executive Accountability Regime - Pearse Doherty TD

2 March, 2021 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has called on the Minister for Finance to urgently bring forward legislation to provide for a Senior Executive Accountability Regime after Davy was fined €4.1 million for breaching market rules in a transaction that included a number of its own senior executives.

He has criticised the government for the slow pace of reform in holding senior executives in the financial sector to account.

Teachta Doherty said:

“This €4.1 million fine against Davy concerns actions taken by sixteen Davy employees, including senior executives, between 2014 and 2016 where they put personal financial gain above their regulatory obligations.

“It is a wake-up call for the government, which has shown no urgency in bringing forward a Senior Executive Accountability Regime.

“This fine reveals the rotten culture that can develop in the financial sector without effective regulation and accountability. It is also notable that this fine was made against a stockbroker, not a bank.

“For years, Sinn Féin have been calling for legislation that would ensure individual accountability at senior levels of both banks and other financial institutions.

“The Central Bank echoed these calls over three years ago, requesting changes to legislation that would ensure individual accountability at the top of financial services providers.

“Years have passed and the government have still not published the legislation that will codify the Senior Executive Accountability Regime, or SEAR.

“Today’s fine against Davy underscores both the need for this regime and the low level of priority that the Minister for Finance has given it.

“This is simply not good enough.

“Sinn Féin are calling on the Minister for Finance to bring this legislation forward as a matter of urgency."

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