The Financial Conduct Authority (FCA) has banned former UBS trader John Christopher Hughes from performing any regulated activity in the financial services industry for failings related to $2.3bn of unauthorised trading losses by trader Kweku Mawuli Adoboli. The FCA found that Hughes is not a fit and proper person to operate within the industry . “Hughes was the most senior person on the exchange-traded funds (ETF) desk,” said Tracey McDermott, FCA’s director of enforcement and financial crime