and the HR consequences were .......???

Amazing what goes on isn't it ? Do we know what happened to the offenders ? Moreso, do we know what the UBS Compliance Officers (i.e. those in place 2006 and 2007)now write on their CV's ..........most likely they moved on to better jobs elswhere and were not penalised !!

Posted by: Robert Wyatt

Hypocrits

Whilst I most certainly do not condone the actions of the UBS staff and the bank deserves to be punished for such failings, I just wish the consequences to the FSA were as severe due to their failings in supervision of banks and their blatant lack of compliance regarding structured products etc. If the same approach was adopted we all might feel as if we had a regulator that cared as opposed to one that likes to appear tough after the event. Pigs might fly! The whole world has lost a hell of a lot more money than this becuase of the regulatory failures yet no punishment appears to have been sanctioned. Just bonuses and lets have more staff and £200m over budget. Wow! How impressive is that. If any small IFA ran such a shambolic organisation they woud be publicly censured, chastised and de-authorised. Once again the Quango commonly known as the FSA pats itself on the back for taking action only after a whistleblower pointed to where the action is. I sincerely hope that if the FSA is abolished, this load of jobsworths don't get their fat redundancy cheque on the Friday then turn up on Monday morning in the same job under a different regulatory name. Is it just me that thinks this is more than a slim possibility? Does compliance only apply to authorised firms and not the FSA? It certainly appears so! It's a bit like the police being exempt from all the legal requirements that the rest of the populations are expected to adhere to. Here we have an organisation that clearly considers itself exempt from all blame and consequences which is highly unfair and should be considered a breach of it's own TCF guidelines.

Posted by: Anon666

UBS receives £8m Fine

Are we supposed to be impressed by the FSA imposing this fine? It will be the poor UK taxpayer who picks up the tab(fine) anyway for this shambles of a bank. The banksters responsible for this fiasco have got clean away with the nations loot while crying tears of persecution. The RBS non-contributory final salary pension scheme, which I am led to believe is deep in the red, will now be funded by the uk taxpayer. the 10% (of salary) annual proft sharing bonus will now apparently also be paid, again at the expense of the U.K. taxpayer. Silly me I thought a business only paid out profit related bonuses when it made a profit and not the biggest loss in banking history. As A UK taxpayer and therefore part owner of this banking success story. could I also share in the bonus payouts. Meanwhile small businesses go bust and we all have been saddled with eye watering levels of debt that will take decades to pay off and lead to higher levels of taxation for us all. Still its good to know that some senior banksters can retire early on full pensions never needing to work again. As an IFA I will carry on with increased regulation, RDR,TCF,disclosure,level 4 qualification etc, etc. Finally, if I dare arrange for a client a £10pm LTA instead of an £8pm FIB without producing a booklet on my reasons why. May the FSA take me to a place of execution and hang me for the black hearted scoundrel and rogue that I am.

Posted by: Disgruntled IFA