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FSA made scathing attack on Barclays behavior

Source : REUTERS
Last Updated: Tue, Jul 10, 2012 10:11 hrs

By Steve Slater

LONDON (Reuters) - Britain's financial watchdog said Barclays frequently argued for regulatory approaches "which are at the aggressive end of interpretation", in a scathing letter to the bank in April that was released on Tuesday.

"The cumulative effect... has been to leave us with an impression that Barclays has a tendency continually to seek advantage from complex structures or favourable regulatory interpretations," the letter sent by Financial Services Authority Chairman Adair Turner, dated April 10.

The letter was sent to Barclays Chairman Marcus Agius. Two parts of the letter were redacted before it was given to UK lawmakers before Agius appeared before them on Tuesday.

(Reporting by Steve Slater)




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