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UBS fined £29.7m by FSA over Kweku Adoboli case

26 November 2012 Last updated at 14:16 GMT

The Financial Services Authority (FSA) has fined UBS £29.7m ($47.6m) for failings that led to trader Kweku Adoboli losing £1.4bn.

The fine, the third largest imposed by the FSA, was for "system and control failings" that allowed him to trade in London well beyond authorised limits.

The trader was last week convicted of two counts of fraud and sentenced to seven years in prison.

Julia Caesar reports.