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UBS given £8m fine

Published on 6 Nov 2009 under category: legal

The Financial Services Authority (FSA) has handed out one of its largest ever fines.

Swiss bank UBS has been hit with a £8 million penalty by the watchdog.

This comes after it was discovered that four former workers at the bank made unauthorised trades.

The London-based staff carried out this with consumer money across at least 39 accounts between Janaury 2006 and December 2007.

These actions came to light after a whistleblower voiced concerns.

Margaret Cole, director of enforcement and financial crime for the FSA, said that this fine, which is the third largest ever given by the body, shows its "tough enforcement stance".

She added: "These employees were able to take advantage of UBS's inadequate systems and controls, giving them free rein to make unauthorised trades with customer money that they were then able to conceal."

The FSA is the regulator of all providers of financial services in the UK.

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