Friday, July 11, 2014





UK regulator fines UBS over high risk investments


March 16. 2013 8:14PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Britain's financial regulator has fined Swiss bank UBS 9.45 million pounds ($14.8 million) for exposing its customers to high-risk investments and for failing to deal properly with complaints that followed.


The Financial Services Authority says UBS AG placed some 2,000 customers in a fund called the AIG Enhanced Variable Rate Fund. When AIG ran into trouble in 2008, as a consequence of the global credit crunch and the collapse of investment bank Lehman Brothers, there was a run on the fund.


The FSA says that UBS failed to carry out adequate due diligence, so UBS had an inadequate understanding of the nature of the fund's assets and the consequent risks.


Tracey McDermott, director of enforcement and financial crime, says UBS' conduct fell far short of what its customers deserved.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds