This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8344346.stm

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
UBS fined £8m by the UK regulator UBS fined £8m by the UK regulator
(31 minutes later)
The Financial Services Authority (FSA) has fined Swiss banking giant UBS £8m for failing to stop its employees making unauthorised transactions.The Financial Services Authority (FSA) has fined Swiss banking giant UBS £8m for failing to stop its employees making unauthorised transactions.
The FSA said four UBS employees had carried out the transactions using customer money on at least 39 accounts.The FSA said four UBS employees had carried out the transactions using customer money on at least 39 accounts.
The unauthorised activities took place between January 2006 and December 2007. The FSA also said the trades involved foreign exchange and precious metals.The unauthorised activities took place between January 2006 and December 2007. The FSA also said the trades involved foreign exchange and precious metals.
Earlier this week, UBS reported a loss for the July to September quarter.Earlier this week, UBS reported a loss for the July to September quarter.
'Steep penalties''Steep penalties'
According to the FSA, an internal UBS investigation found that as many as 50 unauthorised transactions a day were taking place at the operation's peak.According to the FSA, an internal UBS investigation found that as many as 50 unauthorised transactions a day were taking place at the operation's peak.
It criticised the bank not only for systems failures that led to the trades, but also for not responding to "several warning signs" that the systems were not working.It criticised the bank not only for systems failures that led to the trades, but also for not responding to "several warning signs" that the systems were not working.
"These employees were able to take advantage of UBS' inadequate systems and controls, giving them free rein to make unauthorised trades with customer money that they were then able to conceal," said the FSA's director of enforcement and financial crime, Margaret Cole."These employees were able to take advantage of UBS' inadequate systems and controls, giving them free rein to make unauthorised trades with customer money that they were then able to conceal," said the FSA's director of enforcement and financial crime, Margaret Cole.
"The penalty, one of the largest fines we have levied, reflects our tougher enforcement stance and our policy of imposing steep penalties to achieve credible deterrence.""The penalty, one of the largest fines we have levied, reflects our tougher enforcement stance and our policy of imposing steep penalties to achieve credible deterrence."
The £8m fine is the third largest imposed by the FSA.
The regulator said that UBS agreed to settle at an early stage of its investigation, allowing the bank to qualify for a 20% discount.
Without the discount, the fine would have been £10m.
Last month, Switzerland's stock exchange said it was investigating UBS for possible breaches of public disclosure rules during the financial crisis.Last month, Switzerland's stock exchange said it was investigating UBS for possible breaches of public disclosure rules during the financial crisis.
Earlier this year, UBS was accused of helping Americans evade US taxes by opening accounts in Switzerland.Earlier this year, UBS was accused of helping Americans evade US taxes by opening accounts in Switzerland.