The UK Financial Services Authority has handed out its first fine to an individual involved in the rogue trading scandal that hit UBS' wealth management unit, banning director Andrew Cumming for complicity allowing a senior colleague to continue making unauthorised trades.

The FSA said today that it had banned and fined Cumming, a former director at the London branch of UBS, for his role in the activities that led to the firm receiving an £8m (€9m) fine last week.