The Financial Services Authority (FSA) has banned a former client adviser at the London branch of UBS from performing any regulated role for at least five years for his part in enabling an unauthorised trading scam at the bank.
Andrew Cumming agreed to sign fake loan documents which were used to help conceal losses from the trades.
The paperwork was then used to back up claims that customers' funds had been loaned to other UBS clients at a high rate of interest rather than lost because of unauthorised speculation.
Although Mr Cumming did not know the true purpose of the documents he had been signing until late 2007, when he did become aware of it he failed to blow the whistle on the trading.
Margaret Cole, FSA director of enforcement and financial crime, said: "Mr Cumming deliberately misled UBS and its customers. Although he did not stand to make a personal gain, his complicity allowed a colleague to continue making unauthorised trades, while the losses continued to mount up."
As well as the ban, Mr Cumming was fined £35,000, a sum which was reduced because he did not conduct any of the unauthorised transactions himself, he agreed to settle at an early stage and because he is suffering serious financial hardship.
Last week, UBS was fined £8 million for the systems and controls failings which allowed the trades to take place.
The firm's decision to settle early led to a reduction in the penalty.
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