The Financial Services Authority (FSA) has banned and fined Jaspreet Singh Ahuja, a former client adviser at Swiss bank UBS, 150,000 pounds for failing to act with integrity.

The FSA said in a statement on Friday that between January 2006 and the end of January 2008 Ahuja used a pre-existing investment structure to enable an Indian resident customer to breach Indian law in clear contravention of UBS guidelines.

The fine and ban on Ahuja comes with UBS still under the shadow of a $2 billion (1 billion pounds) rogue trading scandal from September.

Ahuja's failings were significant. He exploited his position of trust and repeatedly lied to his compliance department while helping a customer circumvent Indian law, said Tracey McDermott, acting director of enforcement and financial crime at the FSA.

This sort of behaviour has no place in the financial services industry.

Ahuja said in a statement that he accepted the FSA's decision.

I am relieved that the FSA recognizes that, by my actions, I did not gain personally, or seek to gain, in any way. I am also relieved that none of my clients suffered any losses, he said.

The FSA has recognized that the relevant investment structure was utilized by UBS prior to my arrival at the bank. The culture at the bank encouraged its wealth managers to take steps to maximize profits for its clients, he added.

I recognize that this culture affected my better judgment for a short period and over rode my responsibility to raise concerns. I sincerely regret that I failed to do so.

(Reporting by Sudip Kar-Gupta; Editing by Clara Ferreira-Marques and Myles Neligan)