UBS fined £8m for systems and controls failures
The UK Financial Services Authority (FSA) has fined UBS £8 million for systems and controls failures that allowed four employees to carry out unauthorised transactions using customers’ money.
The fine is the third highest ever imposed by the FSA and shows the regulator’s determination to make financial firms live up to their responsibilities, says Abi Jones, an FSA spokesperson.
Margaret Cole, FSA director of enforcement and financial crime, warns firms could face steep penalties in the future.
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