Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a637004
UBS hit with stinging £29.7m fine after Adoboli losses
by Sarah Miloudi on Nov 26, 2012 at 07:22
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.
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:
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
by Danielle Levy on May 21, 2013 at 07:39