UBS fined £29.7 million for controls failures resulting in Adoboli losses


The UK Financial Services Authority (FSA) has fined UBS £29.7 million for systems and control failures that led to $2.3 billion in losses through unauthorised trading. Former UBS trader Kweku Adoboli was last week convicted in London of two counts of fraud relating to the losses. He was found not guilty of four counts of false accounting. Adoboli has been sentenced to seven years in prison for the fraud, but the FSA says weakness in UBS's procedures, management systems and internal cont

To continue reading...