The Financial Conduct Authority (FCA) bans Kweku Mawuli Adoboli from the financial services industry

Following convictions on 20 November 2012 of two counts of fraud by abuse of position, the Financial Conduct Authority (FCA) has banned Kweku Mawuli Adoboli from performing any function in relation to any regulated financial activity. Mr Adoboli abused his position as a senior trader of UBS AG causing UBS AG losses amounting to $2.25bn.

Mr Adoboli’s conviction and resulting sentencing to seven years’ imprisonment, following an investigation by the City of London Police and prosecution by the Crown Prosecution Service, demonstrate a clear and serious lack of honesty and integrity. In reaching its decision, the FCA has considered all the relevant circumstances and the severity of the risk posed by Mr Adoboli to consumers and financial institutions, and to confidence in the market generally.

Notes to editors

1. Final Notice: Kweku Mawuli Adoboli[1]
2. On 20 November 2012, Kweku Mawuli Adoboli was convicted of two counts of fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006. On the same day, Mr Adoboli was sentenced to seven years’ imprisonment for those offences.
3. Sentencing remarks of Mr. Justice Keith in Regina v  Kweku Adoboli[2]
4. Press release, 26 November 2012: FSA fines UBS £29.7 million for significant failings in not preventing large scale unauthorised trading[3]
5. Press release, 1 May 2014: Former UBS trader banned for failings related to US$2.3 billion unauthorised trading losses by Kweku Adoboli[4]
6. On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
7. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
8. Find out more information about the FCA[5].