A FORMER financial planning manager who was dismissed from Ulster Bank after he took credit for the sale of a €130,000 bond without ever having met the elderly investors, told an Employment Appeals Tribunal the sale helped his area manager get a free trip to Monaco.
Gerry Dolan (43), from Athlone, who has taken an unfair dismissal case against the bank, said his area manager, Simon Faulkner, received a bonus from the sale that helped him qualify for the “125 Club”. Members of the club, who achieved 125 per cent of their annual target, got an all-expenses paid trip to Monaco with their partners.
He was dismissed in March 2009 after he withdrew from a disciplinary hearing at the bank with his legal team. The tribunal was told of the 59 financial planning managers in the Republic, 15 were subjected to disciplinary procedures at the bank in 2008.
Two people were dismissed and five had sanctions and other measures taken against them. It was disputed whether the issues involved in the disciplinary procedures were similar to those for which Mr Dolan was sacked. Mr Dolan, who advised bank customers on suitable investment, pension and other financial products, did not dispute he had put his name to two transactions, involving €10,000 each in 2008 where he had not met the clients. He was “under immense pressure” to meet his target and wasn’t “within an ass’s roar of it”.
He also admitted to putting his name to a €130,000 bond deal involving “two ladies in their 80s”.
The bond had been sold to the women by a branch manager in Longford in March 2007.
Mr Dolan said when Mr Faulkner found out about the deal, he instructed him in a conference call to “take ownership” of it. Mr Dolan said he was uncomfortable about that and raised concerns, but “all Mr Faulkner was thinking about was this 125 Club”. Mr Dolan said he recalled the bond from head office, filled in documents including details on the two clients and sent a letter thanking them for meeting him. He took credit for the deal, which contributed to his target of €450,000 in commissions for the bank.
Counsel for Mr Dolan, Conor Bowman, said in previous evidence Mr Faulkner had said he did not remember the conference call, but if he had said “take ownership”, he had meant Mr Dolan should recall the deal, refund the €130,000 to the clients and “go back to square one” with them.
Cross-examined by the bank’s counsel, Rosemary Mallon, Mr Dolan agreed Mr Faulkner had not told him to breach company rules.
Richard Ferris, a senior financial planning manager with the bank, said he heard the conference call in which Mr Dolan was told to “take ownership” of the €130,000 deal. Mr Ferris said he had raised concerns about other issues at the bank, including a sale to one 84-year-old woman of a €2 million bond that was not suitable for her and which was different from the one he had recommended. The tribunal will issue a ruling later.
