View more on these topics

FSA and Swiss regulator launch UBS investigation

The FSA and the Swiss Financial Market Supervisory Authority are launching an investigation in connection with the £1.3bn trading losses incurred by UBS.

The investigation will be conducted by a third party independent of UBS and will focus on the details of the unauthorised trading activity, and on the control failures which permitted the activity to remain undetected.

The FSA says the investigation will also include an assessment of the overall strength of UBS’s controls to prevent unauthorised or fraudulent trading activity in its investment bank.

It follows the appearance of UBS trader Kweku Adoboli, 31, at City of London magistrates court earlier today, who has been charged with fraud and false accounting.

UBS has said the developments could lead to the bank reporting a loss for the third quarter of 2011 but added that no client positions were affected.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. David Sutton (Sinus Iridum) 16th September 2011 at 8:42 pm

    The investigation may be independent and will focus on the controls in place; the problem will be that the investigators will be unaware that there are new and proven ways to screen for this sort of behaviour that does not rely on hard-wired rules and as we have seen, inside knowledge can bypass them every time. The real question should be that as some banks will be aware of these systems, they choose not to use them – why?

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm