UBS has shown its willingness to be ready with the FSA which has restarted its enforcement procedures after the criminal case against Kweku Adoboli, who has been jailed for seven years for the rogue trade.
The bank is likely to be fined in terms of tens of millions of pounds due to its multiple failures of systems, controls and supervision that allowed Adoboli to clock up GBP1.4 billion of losses, being the largest unauthorized trading loss in British history.
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So far, GBP8 million has been the largest fine ever for systems failures, which was bought against UBS Wealth Management.
It is said that UBS is expecting the fine to be closer to the FSA’s biggest ever fine of GBP59.5 million that was levied on Barclays earlier this year for its part in the LIBOR rigging scandal.
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By GlobalData
