FSA demands overhaul at Barclays, reports

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FSA chairman Lord Turner has demanded an overhaul at Barclays, after approving the appointment of new chief executive Antony Jenkins, Sky News reports.

A letter is understood to have been sent to Barclays chairman-designate David Walker that warns of continued focus on Barclays.

Sky News reports the regulator has told Barclays it wants the bank to continue to focus on tightening risk management procedures, but has not demanded a reduction in size of its investment banking business.

The bank has been at the centre of a number of scandals recently, including Libor manipulation scandal, payment protection insurance mis-selling, and an ongoing investigation into its capital raising from Qatari investors.