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Bank claim: UBS fined for fund mis-selling

Swiss-based bank UBS has been handed a fine of £9.45 million by the Financial Services Authority (FSA) after it was found to have mis-sold a fund from insurer AIG.

The institution sold the fund to 1,998 high net worth individuals between 2003 and 2008, with initial investments totalling £3.5 billion.

However, the FSA found that UBS did not fully understand the product it was selling, while it also did not take effective action to protect its customers' investments during the financial crisi.

Spokeswoman for the FSA Tracey McDermott said: "UBS' conduct fell far short of what its customers deserved."

A sample review by the FSA revealed that at least 19 customers were mis-sold the fund, while UBS was also found to have mishandled at least 11 complaints over the product.

UBS stated it is pleased to have put the issue behind it so it can focus on serving its clients and executing its business strategy.

It comes shortly after UBS was hit with a £940 million fine for its part in the Libor rate-fixing scandal.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801539880-ADNFCR

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