FSA chairman Lord Adair Turner, speaking on The Andrew Marr Show, said he has received the letter and is investigating the allegations.
He said: “Well I have received the letter from Lord Foulkes. With any letter like that, we will look at the issues.
“What would be most concerning in relation to between an executive and the non-executives would be if there was not the appropriate provision of information that enabled non-executives to perform their roles. There is a duty on the executive to make sure that there are flows of information to the non-executives, so they are being given the data, the information on which they can perform their function.”