UBS Fined for ‘Seriously Defective’ Risk Systems

UBS was fined 30 million pounds ($48 million) by Britain’s financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogue trader to lose $2.3 billion.

Announcing the fine on Monday, Tracey McDermott, director of enforcement at Britain’s Financial Services Authority (FSA), said the Swiss bank’s risk control systems were “seriously defective.”

via UBS Fined for ‘Seriously Defective’ Risk Systems — Reuters