Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a636683
FSA set to fine UBS £50m for rogue trader failures
by Daniel Grote on Nov 23, 2012 at 07:51
The Financial Services Authority (FSA) is preparing to fine UBS up to £50 million for management failures that led to rogue trader Kweku Adoboli amassing a £1.4 billion loss, according to the Financial Times.
The paper cited sources close to the situation as claiming the FSA and UBS were finalising the details of a settlement, with a joint announcement expected next week.
The FSA and Swiss financial regulator Finma announced a joint probe, shortly after UBS revealed the losses.
Adoboli (pictured) was this week jailed for seven years after he was found guilty of two counts of fraud.
UBS, Swiss financial regulator Finma and the FSA declined to comment to the FT.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
More from us
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road