UBS will have to pay one of the largest fines yet imposed by the UK’s financial regulator for management failures that led to the Swiss bank’s $2.3bn rogue trading loss, according to people familiar with the negotiations.
The Financial Services Authority and UBSare finalising details on a settlement penalty that will probably range between ￡20m and ￡50m, with a joint announcement expected as soon as next week.
Switzerland’s financial regulator, Finma, does not have the power to levy fines and will instead force UBS to accept strict new supervisory measures.
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