Barclays CEO Jes Staley has been fined by the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for his attempts to identify a whistleblower who criticised a colleague.
After completing their investigation into the matter, the regulators have conceded that Staley breached Individual Conduct Rule 2, which requires individuals to act with due skill, care and diligence.
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However, the watchdogs also noted that Staley’s actions do not display “lack of integrity” or lack of “fitness and propriety” and that Staley will continue in his existing role.
The regulators did not reveal the amount of fine imposed on Staley but said that the bank will now have to report on certain aspects of their whistleblowing programmes. The regulators will not take enforcement action against Barclays Bank.
Staley earlier apologised over the matter after receiving a reprimand from the board, which said that it would significantly cut his pay.
“The Barclays board continues to have unanimous confidence in Mr Staley and continues to recommend his re-election as a director at the Barclays annual general meeting on 1 May 2018. As set out in the April 2017 Announcement, the Barclays Board will determine what adjustment to Mr Staley’s compensation is appropriate once the FCA and PRA processes have concluded,” the bank said.
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