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FSA fines UBS millions over trader Adoboli

FSA fines UBS millions over trader Adoboli
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British Financial Services Authority has been fined UBS 36.7 million euros for failings related to trader Kweku Adoboli losing 1.7 billion euros, the largest loss in British Banking history.

The trader has been jailed for seven years on two counts of fraud.

The FSA concluded “UBS failed to take reasonable care to organise its affairs responsibly and effectively with adequate risk management systems.”

The fine is the third largest ever handed out by the Financial Services Authority.

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