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The Actuary The magazine of the Institute & Faculty of Actuaries

FSA and FINMA to investigate UBS losses

The regulators say the investigation will be conducted by a third party firm independent of UBS.

The will focus on the control failures which permitted the unauthorised trading activity to remain undetected and will include an assessment of the overall strength of UBS's controls to prevent unauthorised or fraudulent trading activity in its investment bank.

No indication has been given with regard to the likely duration of the investigation.

The losses incurred by UBS trader Kweku Adoboli are now believed to total $2.3bn (£1.5bn).