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UBS has been fined £30m by the UK’s Financial Services Authority – and could see its investment banking activities hampered by the Swiss regulator – after its former trader Kweku Adoboli was jailed for fraud. Both regulators criticised the Swiss bank for serious weakness in its systems which allowed Adoboli to rack up eventual losses of over £1.5bn during three years of secretive, off-the-books trades. The Guardian The Independent The Daily Telegraph