FSA set to levy multi-million fine on UBS over rogue trading

The FSA is set to hand UBS a fine of between £20m and £50m over failures that led to the $2.3bn rogue trading loss, according to reports.

The Financial Times has reported that discussions between the regulator and the Swiss bank are being finalised.

The news comes after Kweku Adoboli – who lost more than $2bn on unauthorised trades – was convicted of fraud and jailed for seven years, earlier this week.