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KPMG to lead UBS fraud investigation

The FSA has appointed KPMG to head an independent investigation into the UBS £1.5bn unauthorised trading scandal.

The Financial Times reports that people familiar with the matter say the regulator and the Swiss Financial Market Supervisory Authority have asked the auditing and consulting firm to investigate the alleged unauthorised trading by UBS trader Kweku Adoboli.

KPMG will also investigate suspected control failures which allowed the activity to go undetected and examine the strength of UBS controls preventing unauthorised trading in its investment bank.

The UBS board has met in Singapore to decide on a restructuring of the firm’s investment bank and overhaul of risk management.

Adoboli appeared in court in London on Thursday, facing four charges of fraud and false accounting.

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