– Tracey McDermott, FSA director of enforcement and financial crime
UBS's systems and controls were seriously defective.
As a result, Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly.
We know from past experience that failures to manage risk properly can cause firms to fail and cause systemic harm.
Swiss banking giant UBS has been fined £29.7 million by the Financial Services Authority for failings which allowed convicted rogue trader Kweku Adoboli to lose £1.4 billion.