The committee pressed Mr Agius on the FinancialServices Authority's annual review of Barclays that said the bank was aggressive in its practices and misleading on bank stress tests.
The Treasury relied on work done by advisers to the Bank of England and the FinancialServices Authority, for separate purposes, instead of commissioning its own review of the Rock's loan book.
Imposed by the FinancialServices Authority (FSA), and known as the Retail Distribution Review (RDR), many of the new regulations come into force at the end of 2012 for those sections of the investment industry that deal with the public.
Last week, the FinancialServices Authority announced that all of the big four High Street banks had agreed to start a complete review of all such interest rate products sold to unsophisticated business clients.
Financialservices consultant Promontory and global audit firm PricewaterhouseCoopers are the biggest winners, with seven of the 14 foreclosure review engagements between them.