FSA loses supervision test case

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The Financial Services Authority (FSA) has lost a test case involving UBS in which it tried for the first time to punish a senior manager for inadequate supervision rather than for errors he personally committed.

The FSA was seeking to fine John Pottage, the former chief executive of UBS's UK wealth management division, £100,000 for misconduct after uncovering a series of compliance problems in the company...

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