Sign up to BQ Breakfast to receive our daily news service:

UBS gets weighty FSA fine

Tuesday 27 November 2012 5:00

UBS has received the third largest fine imposed by the FSA over the case of trader Kweku Adoboli who lost the organisation £1.4bn.

The £29.7m fine was for “system and control failings” that enabled Adoboli to trade well beyond authorised limits.

The trader was last week convicted of two counts of fraud and sentenced to seven years in prison.

UBS said it was "pleased that the chapter has been concluded".