Three years passed before rogue trader Kweku Adoboli's unauthorised trading was detected at UBS. The UK's Financial Services Authority (FSA) blamed this on "significant failings" and "serious weaknesses" in systems and controls. It fined UBS £29.7 million as a result.
Many of the failings at UBS can be explained by a silo approach to compliance. Warning signs such as the exceeding of risk limits or considerable increases in profit were not investigated alongside each other. But UBS had other pro