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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.

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