Britain's Financial Services Authority fines UBS £30m over rogue trader Adoboli

UBS was fined £29.7 million (HK$368.87 million) by the British authorities and told by the Swiss regulator that it might have to increase capital levels for operational risks as regulators levied penalties in response to Kweku Adoboli's US$2.3 billion trading loss.

The Financial Services Authority issued the fine yesterday, saying there were serious weaknesses in the bank's management systems and controls.

Swiss regulator Finma said UBS's investment bank was not allowed to make acquisitions.

via Business feed http://www.scmp.com/business/banking-finance/article/1091695/britains-financial-services-authority-fines-ubs-ps30m-over