01 · In plain English
What happened.
On 15 April 2010, the Financial Services Authority (the FCA's predecessor) fined UBS AG £8,000,000.
Generated automatically from the action's type, date and amount. The official text and documents below are the authoritative record.
02 · Enforcement details
What the FCA register says.
On 5 August 2009, FSA imposed a financial penalty of £8 million on UBS AG ('UBS') in respect of breaches of Principle 2 and 3 of the FSA's Principles for Business. These breaches occurred between 1 January 2006 and 31 December 2007 in UBS' international wealth management business conducted from its London branch. Despite several warning signs indicating that its systems and controls were inadequate, UBS failed to prevent or detect unauthorised trading by certain employees which caused losses to customers. UBS has paid compensation in excess of USD 42.4 million to affected customers.
03 · Firm details
Firm on the FCA register.
- Firm name
- UBS AG
- Firm reference number
- 186958
- Register status
- Authorised
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