The UK financial regulator’s efforts to punish senior managers when failings occur on their watch have been dealt a severe blow after it lost a test case involving UBS.
The Financial Services Authority was seeking to fine John Pottage, the former chief executive of UBS’s UK wealth management division, £100,000 for misconduct after uncovering a series of serious compliance problems within the business that did not involve Mr Pottage personally.
It was the first time that the FSA tried to penalise a senior manager for inadequate supervision rather than for actual wrongdoing.
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