Ban on traders upheld

The Financial Services Authority's decision to fine and ban two former UBS advisers has been upheld by a higher tribunal.

The City regulator is fining Sachin Karpe £1.25m and Laila Karan £75,000, after finding that Mr Karpe – who was at UBS international wealth management business in London – carried out substantial unauthorised trading, mostly in foreign exchange instruments. Mr Karan – who reported to Mr Karpe – was aware of the unauthorised trading, the FSA said.