"The Financial Services Authority announced its latest settlement with Swiss bank UBS for £29.7m. This followed the conviction and imprisonment of UBS rogue trader Kweku Adoboli for fraud. Adoboli had run up losses of $2.3bn, although it is rumoured that at one stage the bank’s exposure was in the region of $12bn."
"In the settlement, UBS accepted that it had breached FSA Principles 2 and 3 which focused on inadequate systems and controls at the bank and, in particular, failures to manage risk properly. The fine is the highest imposed for systems and controls failures and the third highest in FSA history."
[VIA]
