British Regulator Fines UBS $47.6 Million

Bank failed to stop rogue trader from losing more than $2 billion dollars

Britain's financial regulator, the Financial Services Authority, or FSA, has  fined Swiss bank $47.6m for failings that led to trader Kweku Adoboli to commit the country's biggest fraud.

Adoboli, 32, was jailed last week for seven years after gambling away $2.3bn of the lender's money.

"UBS's systems and controls were seriously defective," Tracey McDermott, director of enforcement and financial crime at FSA, said on Monday.