LONDON (Reuters) - Britain’s financial regulator fined Swiss investment bank UBS 29.7 million pounds ($47.6 million) for system and control failings that allowed Kweku Adoboli to cause over $2 billion losses through unauthorized trading in London.
“UBS failed to take reasonable care to organize and control its affairs responsibly and effectively, with adequate risk management systems, and failed to conduct its business from the London Branch with due skill, care and diligence,” the Financial Services Authority said in a statement on Monday.
Adoboli was jailed for seven years last week after admitting trading far in excess of authorized limits.
($1 = 0.6246 British pounds)
Reporting by Rosalba O'Brien; editing by Kate Holton