The FSA and the Swiss regulator say they are to start investigations into alleged unauthorised trading at UBS.
In a statement published last week, the FSA says it has begun a formal investigation against UBS and is in contact with the Swiss Financial Market Supervisory Authority (Finma), which has also announced it plans an investigation.
Finma says it will assess and rule on the adequacy of the controls that were in place to prevent and detect unauthorised trading within the investment bank and their compliance with the Banking Act, the Stock Exchanges and Securities Trading Act and related regulations.
Finma says it does not expect to publish further information before the outcome of the enforcement proceedings.
In September last year, the FSA and Finma appointed KPMG to head an independent investigation into events surrounding alleged unauthorised trading at the London arm of UBS investment bank.
Last week, former UBS trader Kweku Adoboli entered a not guilty plea in Southwark Crown Court against charges that he lost £1.5bn through unauthorised trading while working at UBS’s global synthetic equities division.
Judge Alistair McCreath set a provisional trial date of September 3 and remanded Adoboli in custody.