Reuters: Regulatory News: Barclays told to keep up pressure to reform

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Barclays told to keep up pressure to reform Sep 6th 2012, 16:46 LONDON, Sept 6 | Thu Sep 6, 2012 12:46pm EDT LONDON, Sept 6 (Reuters) - The head of Britain's financial regulator has told Barclays' new bosses they must keep up pressure to change culture across the bank in the wake of a succession of scandals. Adair Turner, chairman of the Financial Services Authority (FSA), wrote to incoming Barclays Chairman David Walker on Thursday to stress that there can be no let up in efforts to reform the bank, a person familiar with the matter said. Walker joined the Barclays board last week and will become chairman in November, while Antony Jenkins was last week promoted to chief executive after previous CEO Bob Diamond quit in July after the bank was fined for manipulating Libor interest rates. The FSA meets senior bank executives before they are appointed to discuss their priorities and regulatory issues, and follows up with a letter. Barclays and the FSA declined to comment on the letter saying it was private. Last year a letter from Turner to Barclays showed the regulator was concerned about an aggressive culture at the bank under Diamond, and the FSA said in the wake of the Libor scandal that culture must change. UK banks have also been hit by an insurance mis-selling scandal and Barclays is being investigated by the FSA and Serious Fraud Office over a 2008 fundraising. Walker and Jenkins have said they plan to reform the bank's culture. Walker will be the first witness to appear before UK lawmakers next week when they start a parliamentary inquiry into the banking industry's standards and culture. Link this Share this Digg this Email Reprints

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