FCA has banned Kweku Mawuli Adoboli from performing any function in relation to any regulated financial activity following convictions in 2012 of two counts of fraud by abuse of position. Mr Adoboli abused his position as a senior trader of UBS AG causing UBS AG losses amounting to US$2.25 billion. FCA says Mr Adoboli’s conviction and resulting sentencing to seven years’ imprisonment (released June 2015) demonstrates a clear and serious lack of honesty and integrity. In reaching its decision FCA 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. FCA had already banned John Christopher Hughes for failing to adequately supervise Mr Adoboli in relation to these trading losses. (Source: FCA Final Notice to Kweku Mawuli Adoboli)