A jailed ex-trader “responsible for the largest trading loss in British banking history” has been banned by the FCA.

Kweku Mawuli Adoboli was sent to prison for seven years in 2012 after he undertook unauthorised trading, which caused about £1.4billion in losses.
He was convicted on 20 November 2012 of two counts of fraud by abuse of position following an investigation by the City of London Police and prosecution by the Crown Prosecution Service.
The Financial Services Authority fined UBS AG £29.7 million (discounted from £42.4 million for early settlement) in November 2012 for “systems and controls failings” related to Mr Adoboli’s activities.
A statement today read: “The Financial Conduct Authority 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 at UBS AG causing UBS AG losses amounting to $2.25bn (£1.4billion).
“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.”
The FCA said his actions demonstrated “a clear and serious lack of honesty and integrity”.
At the sentencing at Southwark Crown Court in 2012 Judge Justice Keith said: “Kweku Adoboli, whatever the verdicts of the jury would have been, you would forever have been known as the man who was responsible for the largest trading loss in British banking history. The jury’s verdicts mean that what you did was criminal as well. That is not surprising. In the last few months before your arrest, you amassed huge positions when trading on behalf of the bank, well beyond your risk limits, and you did not protect the bank from the risk of loss by hedging your trades.”