Britain fines UBS for ‘defective’ controls

Britain fines UBS for 'defective' controls
Photo: Martin Abegglen
Britain's financial regulator has fined Swiss bank UBS £29.7 million ($47.6 million) for failings that allowed trader Kweku Adoboli to commit the country's biggest fraud.

The Financial Services Authority (FSA)  announced the fine on Monday.

Adoboli, 32, was jailed last week for seven years after gambling away $2.3 billion of the lender's money.

"UBS's systems and controls were seriously defective," said Tracey McDermott, the FSA's director of enforcement and financial crime.

A jury in London last week found the Ghanaian-born banker guilty of two counts of fraud, though it cleared him of four charges of false accounting.

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