Britain’s financial regulator said Friday that it had appointed accounting firm KPMG to help with the investigation into unauthorized trading at UBS, The NY Times’ Dealbook reports.
The regulator, the Financial Services Authority, said last week that it would start an investigation together with the Swiss financial watchdog to establish how a trader was able to lose the bank $2.3 billion. A spokeswoman for the F.S.A. confirmed the appointment and said it was not yet clear how long the investigation would take.
It is not unusual for financial regulators to seek help from big accounting firms when the investigations are more complex, include more data or require more resources than normal. UBS would pay for the costs, the F.S.A. said. The bank already started its own internal inquiry into the events that lead last week to the arrest of Kweku M. Adoboli, a 31 year-old trader who remains in police custody…
Find out more at http://dealbook.nytimes.com/2011/09/23/british-regulator-hires-kpmg-for-rogue-trading-inquiry/
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