Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FSA set to fine UBS £50m for rogue trader failures

FSA set to fine UBS £50m for rogue trader failures

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter