Nearly a year and a half after Kweku Adoboli was found guilty of fraud in connection with a $2.3 billion rogue trading loss, a former UBS colleague who gave evidence at his trial has become the first person to be banned from the UK’s financial industry over the scandal.

John Hughes, who was suspended by UBS shortly after Adoboli's arrest in late 2011 and was dismissed by the bank for gross misconduct in January 2012, was today banned for life from working in the UK regulated financial industry by the Financial Conduct Authority.