Davy has bonds decision quashed
The High Court has today quashed a decision by the Financial Services Ombudsman (FSO) in which investment brokers Davy were found to have mis-sold €500,000 worth of perpetual bonds to Enfield Credit Union.
Enfield subsequently made heavy losses on the bonds.
High Court Justice Peter Charlton quashed the FSO's ruling on the basis that there was a failure in due process during the initial proceedings in January.
A statement from Davy read: "It is clear from today’s comprehensive judgment – in which Davy was successful in five of its six arguments – that fair procedures were not afforded to Davy in this case.
"As a firm advocate and supporter of the Office of the Financial Services Ombudsman, Davy reluctantly sought a Judicial Review because of serious concerns that in this case the FSO failed to follow due process and fair procedures to which Davy felt it was entitled."
