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UBS hit with stinging £29.7m fine after Adoboli losses

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UBS hit with stinging £29.7m fine after Adoboli losses

The Financial Services Authority (FSA) has hit UBS with a stinging £29.7 million fine.

The regulator said the penalty was originally set at £42.4 million after it found systems and controls failings at the bank that allowed Kweku Adoboli to cause 'substantial losses' totalling US$2.3 billion.

Adoboli clocked up the losses via unauthorised trading and last week was convicted of two counts of fraud by abuse of position. He was sentenced to seven years’ in prison.

The FSA said the systems and controls failings at UBS revealed serious weaknesses in its procedures, management systems and internal controls.

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