Fayet has been placed under investigation and judicial supervision for allegedly marketing financial placements aimed at allowing subscribers to hide funds from tax inspectors.
There are also allegations of him being involved in money laundering.
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Fayet was the managing director of the bank’s French operations between 2008 and 2009.
A spokesman for the bank in Zurich said: "UBS does not comment on matters regarding former employees. UBS France SA will fully cooperate with the authorities."
It was in September 2012 that the Paris offices of UBS were searched as part of an enquiry that began in April 2012 into the Swiss bank’s French wealth management activities. The bank’s offices in Bordeaux, Strasbourg and Lyon were also searched in July 2012.
While in 2009, UBS was forced to pay a fine and release the names of 4,500 clients to US officials to end a damaging tax probe, the probe in France is the latest instance in which UBS’s private banking practices have come under scrutiny.
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