UBS fined 8MN by the UK Regulator
The Financial Services Authority (FSA) has fined Swiss banking giant UBS £8m for failing to stop its employees making unauthorised transactions.
The FSA said four UBS employees had carried out the transactions using customer money on at least 39 accounts. The unauthorised activities took place between January 2006 and December 2007. The FSA also said the trades involved foreign exchange and precious metals. Earlier this week, UBS reported a loss for the July to September quarter. According to the FSA, an internal UBS investigation found that as many as 50 unauthorised transactions a day were taking place at the operation’s peak. It criticised the bank not only for systems failures that led to the trades, but also for not responding to “several warning signs” that the systems were not working.
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