KPMG to investigate UBS case

The Financial Services Authority announced yesterday that the global auditor and consultancy KPMG has been selected to conduct an independent regulatory investigation into alleged rogue trades that have cost the Swiss bank UBS $2.3bn (£1.5bn).

An FSA spokesman said the remit and timelines for the inquiry on behalf of the FSA and its Swiss counterpart Finma – and paid for by UBS – have yet to be thrashed out.

It is also unclear whether the report will be published in full or in part.

Legal experts say it will be difficult to publish any findings until criminal proceedings against UBS trader Kweku Adoboli, in custody and facing several charges for the loss-making trades, have been completed, a process that could take many months.