for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-UK watchdog formally bans former UBS trader Kweku Adoboli

(Adds reaction from Adoboli, solicitor)

LONDON, Oct 16 (Reuters) - Britain’s Financial Conduct Authority said it had formally banned Kweku Aboboli, the former UBS trader who was jailed for seven years in 2012 for fraud, from working in the financial services industry.

“Mr Adoboli abused his position as a senior trader of UBS AG causing UBS AG losses amounting to $2.25 billion,” the FCA said in a statement on Friday.

The losses stemmed from unauthorised trading losses. UBS was fined 29.7 million pounds ($45.88 million ) for systems and control failures.

Adoboli, who was released from prison earlier this year, said the ban marked the closing of a difficult chapter for him.

“I fully recognise the reasons for my prohibition and thank the FCA for their restraint. My hope now is to move forward in a positive way to help others learn from the mistakes I’ve made,” Adoboli said in a statement.

Adoboli’s solicitor, Sara George of law firm Stephenson Harwood, said Adoboli wished to repay his debt to society by using his own experience to explain how risk management controls might be circumvented.

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up