UBS fined after £1.4bn rogue trader scandal

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.

The FSA said procedures, management systems and internal controls at the bank's London branch were "seriously defective".

weku Adoboli who lost £1.4 billion of Swiss bank UBS's money
Kweku Adoboli who lost £1.4 billion of Swiss bank UBS's money Credit: Press Association

Adoboli was sentenced to seven years in prison last week after he was convicted of two counts of fraud by abuse of position.

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UBS £29.7m rogue trader fine

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.