UBS employee banned and fined £35,000

The FSA has fined and banned a former UBS employee for helping cover-up unauthorised trading losses.

Andrew Cumming, a former client adviser at the London branch of UBS, must pay £35,000 and is not allowed to act in any regulated capacity for a minimum of five years on the grounds he is not ‘fit and proper'. UBS was hit with an £8m fine from the FSA earlier this month for systems and controls failings which failed to prevent the fraudulent activity. Cumming's signature appears on paperwork which helped document fake loans to conceal losses arising from unauthorised trading. Affected customers were told their funds were providing loans to other UBS customers with promises of high r...