FSA loses supervision test case

The FSA was seeking to fine John Pottage, the former chief executive of UBS's UK wealth management division, £100,000 for misconduct after uncovering a series of compliance problems in the company. But a London tribunal has cleared Pottage, according to a judgment seen by the Financial Times. It rejected the FSA's case against him by ruling he had taken steps to bolster UBS's systems and controls. The Upper Tribunal for Financial Services found that "the FSA has not established its case that Mr Pottage had committed misconduct". The FSA said Pottage, who became chief executive o...