On June 28, the FSA published final notices (dated 27 June 2012) it has issued to Laila Karan and Sachin Surendra Karpe, former UBS client advisers, relating to breaches concerning an unauthorised trading scheme. Final Notice for Laila Karan. Final Notice for Sachin Surendra Karpe.

The final notices impose a financial penalty of £1,250,000 on Mr. Karpe, and £75,000 on Mrs. Karan. Both individuals have been banned from carrying on any function relating to regulated activities carried on by any authorised or exempt persons, or exempt professional firm.