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FSA partners with Swiss regulator for UBS investigation
Stronger enforcement action follows the UBS rogue trader case in September last year.
The Financial Services Authority has launched a formal enforcement investigation into the events surrounding UBS losses in its London office.
The regulator is working closely with the Swiss Financial Market Supervisory Authority (Finma), which has begun formal administrative enforcement proceedings against the company under Swiss law.
The two organisations announced a joint independent investigation into the matter on 16 September 2011.
Finma will assess the controls the investment bank had in place to detect and prevent unauthorised trading and the banks compliance with the Banking Act and the Stock Exchanges and Securities Trading Act.
In September 2011, UBS rogue trader Kweku Adoboli was charged with fraud by abuse of position and false accounting, after being accused of losing $2bn (£1.3bn) in unauthorised trades.
