UBS Group (UBS) has received a waiver from the US Department of Labor allowing continued administration of US retirement plans, according to a Wednesday notice from the agency.

The exemption has been granted as a "conditional prospective relief," which allows the lender's asset managers "to continue to rely on [prohibited transaction exemption] PTE 84-14 for the five-year period from June 12, 2024, through June 11, 2029," the notice said.

The bank needs the waiver to continue servicing US retirement accounts in the wake of recent convictions, according to a Reuters report.

UBS did not immediately reply to MT Newswires' request for comment.

Shares were 0.6% higher in recent trading.

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