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The Commercial Court has been told that Financial Services Ombudsman acted unfairly in how he reached his decision that stockbroking firm Davy failed to properly advise Enfield credit union about the risks of investing in three perpetual bank bonds which later fell in value. The Ombudsman's decision concerning Davy's advice, his finding that the bonds were unsuitable investments for credit unions and his direction that Enfield credit union be refunded by Davy has significant implications for Davy's reputation and could also expose it to legal action by other credit unions, Mr Paul Sreenan SC, for Davy, said. Davy provides investment advice to some 380 credit unions and about 139 of these had purchased similar bonds to those invested in by Enfield CU, counsel outlined. He said Davy rejected the complaints made against it and... [read full story]
