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FSA fines former UBS adviser

The Financial Services Authority (FSA) has banned a former UBS client adviser, Jaspreet Singh Ahuja and fined £150,000 for breaching Principle 1 of its Statements of Principles and Code of Conduct for Approved Persons (APER) as well as for not being a fit and proper person.

According to FSA, between 1 January 2006 and 30 January 2008, Ahuja used a pre-existing investment structure to enable an Indian resident customer to invest over US$250m in the Fund, breaching Indian law.

Ahuja also tried to conceal the nature of the customer’s investment, by deliberately and repeatedly providing misleading information to the UBS Legal and Compliance department.

FSA said that he even assisted the customer in making unauthorised redemption payments out of the Fund thereby breaching UBS internal compliance rules.

Acting director of enforcement and financial crime Tracey McDermott said that Ahuja was prohibited from performing any function to any regulated activity in the financial services industry.

Earlier, UBS was fined £8m by FSA in November 2009 for systems and controls failures in relation to this case.

UBS had repaid the affected customers in excess of $42m by way of redress.