MONEY & RATES BANKING & FINANCE INFORMATIONTECHNOLOGY ADVERTISING & MARKETING INTERNATIONAL BUSINESS
In Brief
Fortune World
ECONOMY & POLITICS
RNI NO:KARENG/2010/353381 VOL : 3 ISSUE.
NO.
924 DAILY BANGALORE,INDIA 13THFEB 2013 Pages - 4 $.
1/-USD
Banking...
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MONEY & RATES BANKING & FINANCE INFORMATIONTECHNOLOGY ADVERTISING & MARKETING INTERNATIONAL BUSINESS
In Brief
Fortune World
ECONOMY & POLITICS
RNI NO:KARENG/2010/353381 VOL : 3 ISSUE.
NO.
924 DAILY BANGALORE,INDIA 13THFEB 2013 Pages - 4 $.
1/-USD
Banking giant UBS has
been handed another big
fine after it mis-sold a savings product linked to
bailed-out insurerAIG.
As well as the £9.
45 million
penalty from the Financial
Services Authority (FSA),
the bank will pay compensation of around £10 million
to the high net worth consumers who were left exposed by the suspension of
theAIG fund.
The FSA said the bank had
not understood the product
it was selling, failed to recommend it to the right customers and did not take effective action when the financial crisis struck and
problems with the fund
UBS receives fine for mis-selling
came to
the fore.
In November, UBS
was fined
£29.
7 million by the
FSA for failings which
a l l o w e d
r o g u e
t r a d e r
Kweku Adoboli to lose £1.
4
billion,
Less
