The ban comes nearly three years after Adoboli was sentenced to seven years imprisonment after being found guilty of two counts of fraud by abuse of position.
Part of the unauthorised activities Adoboli was convicted for involved creating and using an undeclared fund of profits, termed the “Umbrella”, which had the effect of manipulating the trading desk’s reported profit and loss.
“Adoboli’s conviction and resulting sentencing… demonstrate a clear and serious lack of honesty and integrity,” the FCA said in a statement.
“In reaching its decision, the FCA has considered all the relevant circumstances and the severity of the risk posed by Mr Adoboli to consumers and financial institutions, and to confidence in the market generally,” it said.
In May last year the FCA banned another ex-UBS trader, John Christopher Hughes, for his failure to report the unauthorised activities undertaken by Adoboli.
UBS was fined £29.7m (discounted from £42.4m for early settlement) in November 2012 for systems and controls failings that allowed an Adoboli to cause the trading losses.
