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UBS has agreed to pay a total 1.4 billion Swiss francs ($1.5 billion) to settle accusations that it tried to rig benchmark interest rates, the Swiss banking giant said on Wednesday.
“Under the previous government’s regime, fines paid to the FSA (Financial Services Authority) are used to reduce the annual levy other financial institutions are asked to pay…We are considering ammendments to the Financial Services Bill that will ensure that fines of this nature go to paying the taxpaying public, not the financial industry.”