PracticeAccounting FirmsKPMG recruited by FSA to investigate UBS

KPMG recruited by FSA to investigate UBS

Financial Service Authority and Swiss Financial Market Supervisory Authority pick KPMG to investigate alleged unauthorised trading

KPMG has been recruited by the financial regulator to lead the investigation into the $2.3bn (£1.5bn) trading scandal at Swiss bank UBS.

The Financial Services Authority (FSA) and the Swiss Financial Market Supervisory Authority have asked KPMG to look into the details of the alleged unauthorised trading by Kweku Adoboli, The Financial Times reports.

A statement from the FSA said: “At the moment no indication can be given with regard to the duration of that investigation.”

However, it is expected the investigation will take several months and will examine suspected control failures that allowed the alleged fraud to go undetected.

It is anticipated the board will convene this week to make a decision on a possible restrucuturing and risk assessment at the bank.

The chief executive Oswald Gruebel has quit the company as he felt it was his responsibility to assume responsibility of the alleged rogue trading, chairman Kaspar Villiger said.

 

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