01 · In plain English
What happened.
On 4 December 2012, the Financial Services Authority (the FCA's predecessor) fined UBS AG £29,700,000.
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 26 November 2012 the Financial Services Authority (the FSA) fined UBS AG £29.7 million (discounted from £42.4 million for early settlement) for systems and controls failings that allowed an employee to cause substantial losses totalling US$2.3 billion as a result of unauthorised trading. The unauthorised trading was carried out between 1 June 2011 and 14 September 2011 (the Relevant Period) on the Exchange Traded Funds Desk in the Global Synthetic Equities trading division conducted from the London Branch of UBS. During the Relevant Period, UBS breached Principle 3 by failing to take reasonable care to organise and control and its affairs responsibly and effectively, with adequate risk management systems and breached Principle 2 by failing to conduct its business from its London Branch with due skill, care and diligence. A copy of the Final Notice which sets out the reason for the action is displayed on the FSA's website and can be accessed using the following link:
03 · Firm details
Firm on the FCA register.
- Firm name
- UBS AG
- Firm reference number
- 186958
- Register status
- Authorised
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