UBS was fined 30 million pounds by Britain's financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogue trader to lose $2.3 billion (1.4 billion pounds).
Announcing the fine on Monday, Tracey McDermott, director of enforcement at Britain's Financial Services Authority (FSA), said the Swiss bank's risk control systems were "seriously defective."
Kweku Adoboli, a trader on UBS's Exchange Traded Funds desk in London, was jailed for seven years last week after admitting trading far in excess of authorised limits.
"Failures of this type in firms of the size and standing of UBS not only damage the firms concerned but also wider confidence in the integrity of the markets and the financial system," McDermott said.
See full Article: http://uk.reuters.com/article/2012/11/26/uk-britain-ubs-idUKBRE8AP06920121126
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