Swiss financial regulator, Finma, said on Thursday it had issued temporary bans ranging from one to five years on two former managers and four forex and precious metals traders with UBS bank over suspected market rigging.
“Finma has determined that the individuals concerned were directly responsible for serious regulation breaches,” the body said in a statement following a probe undertaken last year. It added management had failed to implement appropriate safeguards and monitor wrongdoing. The regulator said it had identified serious organisational deficiencies and illicit behaviour not in the interest of clients at the bank which management had ‘tolerated, and at times encouraged’.