The Financial Conduct Authority (FCA) is currently investigating potential illegal use of WhatsApp by employees of UBS's research unit in London. The investigation focuses on alleged communications that involved the exchange of confidential and price-sensitive information via private devices between the summer of 2022 and early 2023.

According to documents, more than six individuals are named in the investigation, with at least three still employed at UBS. Since February 2023, the FCA has been gathering and analyzing information related to these communications. This investigation may be in violation of a directive established in 2021, which requires companies to prevent the use of personal devices for unrecorded business communications.

UBS has stated that it is not aware of any ongoing FCA investigation in this area, while the FCA has not commented on the matter. The FCA has the authority to impose fines and professional bans on individuals and companies involved, and individuals could face criminal prosecution based on the findings.