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
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