Mr. Ed Sibley:

I totally understand the point the Chairman is making in respect of trust and I totally understand the concerns he has highlighted, but this is an egregious case in which Davy Stockbrokers breached the trust of clients and, more broadly, of all its customers. I completely understand and agree with the concerns that have been raised by the Chairman and committee members. We are doing our job in terms of holding Davy Stockbrokers to account both in terms of the public action through the enforcement notice publication and also what we are doing in an ongoing supervisory perspective. What we have seen publicly in the past week is that Davy Stockbrokers still has a journey to go on in terms of change; changing the culture and the individuals who are responsible for leading Davy Stockbrokers. That work is ongoing. We can see it in the public domain. I think Davy needs to do further work, including, as I stated, appearing before the committee to explain what it is doing. It would be helpful if it were to publish the scope of any kind of follow-on report or review it is undertaking as well as discussing it with the committee.