An ex-UBS investment adviser has been fined £35,000 and banned from holding sensitive finance industry posts in the first of what is expected to be several individual misconduct cases stemming from the bank’s former India private client desk.

The Financial Services Authority imposed the cash penalty and a minimum five-year exclusion order on Andrew Cumming for helping to cover up a scam that cost UBS $42m (£25m) in compensation after staff used customer money to hide losses from unauthorised trading.