UBS fined £29.7m over rogue trader

Kweku Adoboli
Kweku Adoboli

Swiss banking giant UBS has been fined £29.7 million by the City watchdog for failings which allowed convicted rogue trader Kweku Adoboli to lose £1.4 billion.


The Financial Services Authority (FSA) said procedures, management systems and internal controls at the bank's London branch were "seriously defective". Adoboli was sentenced to seven years in prison last week after he was convicted of two counts of fraud by abuse of position.
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