26 November 2012 Last updated at 02:33 ET
The Financial Services Authority (FSA) has fined UBS £29.7m ($ 47.6m) for failings that led to trader Kweku Adoboli losing more than $ 2bn.
The regulator fined UBS for “system and control failings” that allowed him to trade in London well beyond authorised limits.
The FSA said there were serious weaknesses at the Swiss bank.
The trader was last week convicted of two counts of fraud and sentenced to seven years in prison.
A statement from the FSA said: “UBS failed to take reasonable care to organise 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.”
UBS fined £29.7m for Adoboli case http://news.bbcimg.co.uk/media/images/51606000/jpg/_51606573_fa1d16c0-9c6c-4f82-b0b8-ab66ddd94f78.jpg
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