FSA fines and bans former UBS banker

LONDON (Reuters) - A former UBS employee has been fined and banned for five years for his role in a trading scandal that saw regulators slap an 8 million pound penalty on the Swiss bank last week.

The Financial Services Authority said on Friday it had wanted to fine former UBS client advisor Andrew Cumming 100,000 pounds but cut the figure to 35,000 because of his cooperation and "serious financial hardship".

Cumming helped document false loans used to cover up losses racked up by a colleague through unauthorised trades using clients' money, the FSA said.

Four UBS dealers, all of whom have been fired, were involved in the unauthorised trades, the FSA said last week when imposing its third-biggest penalty ever on the bank.

"We are determined to deter behaviour of this kind by banning and fining anyone found to have committed such misconduct," FSA director of enforcement Margaret Cole.

(Reporting by Myles Neligan; Editing by Dan Lalor)