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FSA fines UBS 100,000 for system reporting failures


The FSA has fined UBS 100,000 for failures in its systems for reporting transactions in financial instruments from May 1999 to October 2005.

In July UBS Wealth Management made a suspicious transaction report to the FSA. Following a review of the report by the regulator it was established the transaction had been incorrectly reported as a client sale rather than a client purchase.

A subsequent review found that since October 1999 all equity transactions executed by outside brokers had been incorrectly reported, with UBS WM denoted as principal rather than agent.

UBS says it is taking steps to improve its systems and controls in this area and is cooperating with the regulators investigation. The decision was intially made using the settlement process introduced during the enforcement process review.

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