Illegal FX trades cost UBS £33 million

UBS is the latest dealer to become embroiled in a rogue foreign exchange trading scandal, which has cost the bank more than £33 million in penalties and restitution.

The UK Financial Services Authority (FSA) slapped a £8 million fine on UBS on November 4 after discovering unauthorised foreign exchange and metals trading activity in its wealth management division that cost clients almost £25 million over a two-year period.

The fine was initially set at £10 million, but reduced after UBS agreed to

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Week account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: