UBS fined $48 million over Adoboli case
November 26 , 2012
Britain’s Financial Services Authority (FSA) has fined UBS $47.6 million over failures that led to trader Kweku Adoboli losing $2.3 billion.
The regulator fined UBS for "system and control failings" that allowed him to trade beyond authorized limits.
Last week, Adoboli was convicted of fraud and jailed for seven years.
The FSA conducted the investigation into the bank with its Swiss counterpart, Finma.
In a statement, it said: "UBS failed to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems, and failed to conduct its business from the London Branch with due skill, care and diligence."