FCA bans former UBS trader Adoboli from financial services industry

The Financial Conduct Authority has banned former UBS trader Kweku Mawuli Adoboli from working in the financial services industry.

“Mr Adoboli’s conviction and resulting sentencing to seven years’ imprisonment, following an investigation by the City of London Police and prosecution by the Crown Prosecution Service, demonstrate a clear and serious lack of honesty and integrity,” the FCA said in a statement.

“In reaching its decision, the FCA has considered all the relevant circumstances and the severity of the risk posed by Mr Adoboli to consumers and financial institutions, and to confidence in the market generally.”

Adoboli was released from prison in June after serving just three of his seven-year sentence for fraud.

In November 2012 he was convicted of two counts of fraud which cost UBS $2.25bn in losses.