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Proceedings started against UBS
9th February 2012
The Financial Services Authority (FSA) has confirmed that legal proceedings have been commenced against the Swiss investment bank UBS following last year’s rogue trading saga.
The investigations will look into what took place at the bank’s London office headquarters leading up to the arrest last September of Kweku Adoboli, who was accused of losing £1.3 billion through unlawful trading deals.
As well as the FSA action, the Swiss Financial Market Supervisory Authority (FINMA) will be launching its own inquiry. FINMA, which is the banking watchdog in UBS’s home country, will work to determine why the organisation did not have sufficient safeguards in place and whether it breached the Stock Exchanges and Securities Trading Act, as well as other regulations.
The news will be of interest to those with solicitor jobs in London, not least because some members of the profession may well be involved in assisting FINMA and the FSA with their enquiries.