French regulator fines UBS €10m

Bank regulator ACP fined the French unit of Swiss bank UBS €10m (£8.5m) yesterday for failures on internal oversight of products currently being investigated on suspicion of tax fraud. The fine does not prejudge the probe that is underway, the ACP said. The regulator is probing both UBS and its French unit over whether sales staff were offering accounts abroad to help clients avoid French taxes. UBS said it disagreed with many of the ACP’s conclusions.