FSA starts formal enforcement probe on UBS loss

03 February 2012 @ 05:32 am EDT

Britain's Financial Services Authority (FSA) regulator has started a formal enforcement probe against Swiss bank UBS over last year's $2 billion (1 billion pounds) trading loss at UBS's London arm.


To match Special Report ONLINE-STOCKS
A man is seen behind the entrance door of the offices of the Financial Services Authority (FSA) in Canary Wharf, London, November 19, 2010.
1 of 1

"On 16 September 2011, the Financial Services Authority and the Swiss Financial Market Supervisory Authority (FINMA) announced the launch of an independent investigation into the events surrounding trading losses incurred by UBS AG (UBS) in the London operations of its Investment Bank," the FSA said in a statement on Friday.

"The FSA has now commenced a formal enforcement investigation against UBS and is in close contact with FINMA which has also commenced enforcement action against UBS," it added.

(Reporting by Sudip Kar-Gupta; Editing by Hans-Juergen Peters)

Copyright 2011 Thomson Reuters UK. All rights reserved.

E-Newsletters

We value your privacy. Your email address will not be shared.

Home
World
US
Economy
Companies
Tech
Science
Global Markets
Education
Real Estate
Forex
Commodities
Gold & Silver Matters
More Sections
Fashion
Auto
Travel
Health
Law
Entertainment
Sports
Luxury
Art
Books
Tech & Trend
Tools & Features
Topics
Market Data
Stock Watch List
Investment Calculator
Financial Glossary
Broker Center
World Business Headlines
ExpertNetwork
SportsNet
PartnerNet
Updates
RSS Feeds
IBTimes on Twitter
IBTimes on Facebook
E-Newsletters
Services
Forex Newsfeed
Research
Press Release
About IBTimes
News Licensing
Media Kit
Advertise with Us
About IBTimes
Contact Us
Terms of Service
Privacy Policy