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."