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UBS has secured a renewed license from the U.S. Department of Labor (DOL) to manage billions in private pension assets, despite a history of financial crimes, including tax fraud and money laundering. The DOL's QPAM exemption, crucial for UBS's operations, has drawn criticism from a coalition of experts who argue that lax regulations allow major banks to evade accountability. As UBS navigates its complex past, the stakes for U.S. investors remain high, highlighting ongoing concerns about regulatory oversight in the financial sector.
Activists, led by economist James S. Henry, are urging the US Department of Labor to revoke UBS's license to manage pension fund assets due to its extensive history of financial crimes, including $20 billion in fines. The scrutiny intensified following UBS's acquisition of Credit Suisse, which also has a troubled record. A rejection of UBS's exemption application could significantly impact the bank's operations in the world's largest pension market.
Paul Morjanoff
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regulatory failures raise concerns over pension fund protections and financial oversight
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18:15 27.02.2025
activists push for UBS exclusion from US pension fund management
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09:06 15.10.2024
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