LONDON Nov 26 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
unauthorised trading in London.
"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," 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 authorised limits.