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FSA: Barclays' 'aggressive' approach to regulation

In a letter sent by FSA chairman Adair Turner to Barclays chairman Marcus Agius on April 10th 2012, the FSA accused the bank of being too 'aggressive'.

"The purpose of my meeting with you was therefore not to focus on any one specific issue which requires remedial action. Rather I wished to bring to your attention our concerns about the cumulative impression created by a pattern of behaviour over the last few years.

"In which Barclays often seems to be seeking to gain advantage through the use of complex structures, or through arguing for regulatory approaches which are at the aggressive end of interpretation of the relevant rules and regulations."

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Bob Diamond 'no longer enjoyed the support' of regulators

Marcus Agius has told MPs that the day before Bob Diamond's resignation he was summoned to the Bank of England to meet the governor Mervyn King. He said he was informed that Mr Diamond "no longer enjoyed the support of his regulators".

Mr Agius said the news came as a "shock" because the issue of Mr Diamond's position had not been mentioned earlier. He held a meeting by telephone with the Barclays board and he said the members of the board which "concluded that we had no choice but to call for his resignation".

He said he then broke the news to Mr Diamond, finishing the conversation "confident that if he hadn't already made the decision [to resign] that he would make the right decision".

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