UBS executive takes FSA to court over £100k fine

A senior executive at UBS has challenged a fine from the Financial Services Authority (FSA) in a tribunal today.

John Pottage, former head of UBS Wealth Management UK, is refuting the FSA's £100,000 fine for his alleged failure in 2006 to put checks on the business in place, the Financial Times reports. This is the first case in which the FSA has attempted to fine a manager for failing to supervise his or her team, rather than for their own wrongdoing, and the first tribunal in which this challenge has been heard. The case relates to UBS' £8m FSA fine in 2009 for poor systems and controls which did not stop unauthorised trading within the wealth management business. Pottage was responsible fo...