The Financial Services Authority (FSA) has banned and fined a former client adviser at UBS AG £150,000 for failing to act with integrity.
Jaspreet Singh Ahuja was a client adviser within UBS's international wealth management business in London. The FSA found he was in breach of Principle 1 of the FSA's Statements of Principles and Code of Conduct for Approved Persons (APER) and for not being a fit and proper person. Ahuja is prohibited from performing any function in relation to any regulated activity in the financial services industry. Between 1 January 2006 and 30 January 2008 he used a pre-existing investment structure to enable an Indian resident customer (via an investment fund incorporated in Mauritius) to brea...
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