A senior wealth management banker at Switzerland's UBS scored a rare win in an appeal against Britain's financial watchdog, which had sought to punish him for failings that occurred under his supervision five years ago.

John Pottage, who used to run UBS's wealth management business in Britain, was cleared of misconduct after compliance problems during 2006-07 in the business he oversaw. The Financial Services Authority had sought to fine him 100,000 pounds ($161,200) for his alleged failings, even though he was not personally involved in the compliance issues.

We think that the actions that Mr Pottage in fact took prior to July 2007 to deal with the operational and compliance issues as they arose were reasonable steps, the Upper Tribunal said in its ruling, seen by Reuters.

The FSA said it accepted the decision, and said it would not be deterred from pursuing disciplinary action against senior management.

(Reporting by Sarah White; Editing by Steve Slater)