UK regulator fines UBS £29.7 million

By Wire services | November 26, 2012 | Last updated on November 26, 2012
1 min read

Following the sentencing of ex-trader Kweku Adoboli last week, Britain’s financial regulator fined UBS £29.7 million ($47.6 million).

Adoboli was sentenced to seven years in prison after being convicted of two counts of fraud.

Read: Arrests made in $2 billion UBS loss

The regulator says the case revealed serious weaknesses in the firm’s procedures, management systems and internal controls.

As Financial Times reports, this is the third-largest fine ever handed out by the FSA.

Additionally, Swiss regulator Finma has reportedly “appointed an independent investigator to make sure UBS puts corrective measures in place. [It] also plans to hire an audit firm to review whether the measures the bank has put in place prove effective.”

Read more on how the firm has reacted to regulators’ actions.

Also read:

UBS suspends traders amid Libor scandal

UBS sheds up to 10,000 jobs

Wire services