The implementation of effective computer controls and systems could have prevented the loss of £1.4 billion at UBS from the actions of a rogue trader, according to the Financial Services Authority (FSA).

Interim CEO Sergio Ermotti at UBS revealed that UBS IT systems had detected unauthorised access but that no action had been taken.

A FSA report detailed that the, “The computerised system operated by UBS to assist in risk management was not effective in controlling the risk of unauthorised trading”.