FSA 'lost confidence' in Barclays execs months ago

The board at Barclays was told in February that the relationship between the bank's senior management and the FSA had "broken down", according to the chairman of the Treasury Select Committee.

Speaking during a three-hour grilling of former Barclays CEO Bob Diamond yesterday, committee chair Andrew Tyrie said senior figures at the FSA informed the board in February that Diamond and his management team had 'lost their confidence'. Tyrie also said the FSA had raised concerns about the appointment of Diamond in September 2010 and sought confirmation there would be a "change of culture" at the bank. Tyrie is expected to write to the bank asking the letters from the FSA to be made public, according to the Daily Telegraph. A staunch defence from Diamond during the hearing saw ...