Regulators propose fine for Barclays boss Jes Staley over whistleblower scandal

The lender's chief executive said he had not been aware that he had broken any rules

Barclays will not face enforcement action over Mr Staley's actions
Barclays will not face enforcement action over Mr Staley's actions

The UK’s financial watchdog wants to impose a fine on Barclays boss Jes Staley for breaching conduct rules when he tried to identify a whistleblower at the bank in 2016.

Mr Staley had tried to identify the author of two anonymous letters, which were sent to the board and a senior executive in June 2016. The letters, considered to be whistleblowing, raised concerns about a senior employee who had been recruited by Barclays earlier that year.

The lender, which reported the incident to the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) said Mr Staley had taken measures to identify the author of the letters because he considered them to be “an unfair personal attack on the senior employee”. Mr Staley said he had not been aware of the fact that it was not permissible to identify the author of the letters. Whistleblowers are protected and are not allowed to be treated unfairly or lose their job for reporting wrongdoing.

Investigations into Mr Staley and Barclays by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority (PRA) have now concluded, with both regulators proposing that the bank’s chief executive pay a financial penalty.

However, the bank said in a statement Friday morning: “The FCA and PRA are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as group chief executive officer.”

Mr Staley now has a period of time to review the FCA and PRA’s draft warning notices, in which they set out their reasons for the proposed fine.

The watchdogs said they will not take enforcement action against Barclays, but said the lender will be required to report to the FCA and PRA on certain aspects of their whistleblowing programmes.

 

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in