UBS has been fined £29.7m by the UK watchdog for "significant control breakdowns" that allowed a rogue trader to lose $2.3bn in 2011.
The Financial Services Authority handed out the third largest fine in its history. It criticised the bank for having ineffective computer risk controls and"poorly executed and ineffective supervision" thatallowed Kweku Adoboli repeatedly to breach risk limits and book fictitious trades.
Read more: 7 years in prison for former UBS trader Adoboli in fraud case
Mr Adoboli was convicted of fraud last week and sentenced to seven years in jail.
The failings took place in the London branch of UBS,so the FSA and the Swiss regulator Finma investigated jointly and announced the results on Monday morning.
