May 1, 2014 / 9:48 AM / 4 years ago

UK regulator bans ex UBS trader for failings related to $2.3 bln losses

LONDON, May 1 (Reuters) - Britain’s financial watchdog said on Thursday it had banned a former UBS trader for failings related to $2.3 billion trading losses by Kweku Adoboli, another trader.

The Financial Conduct Authority (FCA) banned John Christopher Hughes from performing any function in relation to any regulated activity in the financial services industry.

Adoboli was convicted in November 2012 of two counts of fraud over the unauthorised trades. He is serving a seven-year jail sentence. (Reporting by Clare Hutchison, editing by Kirstin Ridley)

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