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UBS client adviser fined in Britain

A former client adviser working for Switzerland’s UBS bank has been fined by the British finance regulator for "failing to act with integrity".

The Financial Services Authority (FSA) said on Friday that between January 2006 and the end of January 2008 the adviser had helped an Indian client to make investments that violated Indian law, in clear breach of UBS guidelines.

He then “wrongfully took steps to conceal the true nature of the customer’s investment, mainly by the deliberate and repeated provision of false and/or misleading information to the UBS Legal and Compliance department and other parts of UBS,” the FSA said in a statement announcing its decision.

The adviser has been banned from “performing any function in relation to any regulated activity in the financial services industry”, and has to pay a fine of £150,000 ($232,200).                                  

He said in a statement that he accepted the FSA’s decision. 

“I am relieved that the FSA recognises that, by my actions, I did not gain personally, or seek to gain, in any way. I am also relieved that none of my clients suffered any losses,” he said.

“The FSA has recognised that the relevant investment structure was utilised by UBS prior to my arrival at the bank. The culture at the bank encouraged its wealth managers to take steps to maximise profits for its clients,” he added. 

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR