UBS fined £8m for unauthorised dealing

The FSA has fined UBS £8m - the third largest fine it has ever imposed - for allowing four employees unauthorised access to at least 39 customers' accounts.

The breaches occurred between January 2006 and December 2007 at UBS' London-based wealth management business, and were only revealed after a whistleblower raised concerns. UBS employees engaged in the trading of foreign exchange and precious metals using customer money without authorisation, attributing losses to customers' accounts. As many as 50 unauthorised transactions a day were taking place during the height of the operation, according to an internal UBS investigation. The FSA found UBS failed to manage and control risks within its international wealth management business mod...