Barclays CEO Jes Staley fined over £642,000 by the FCA and PRA
The UK’s Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) have fined the former Barclay’s chief over lack of supervision of whistleblowing. The fine included a 30 percent discount for Staley agreeing at an early stage to settle. The UK regulators have also reported about specific requirements regarding whistleblowing systems and controls at Barclays.
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
Back in June 2016, the members of the Bank Board and a senior executive received anonymous letters that raised concerns about a senior employee who had been recruited by Barclays earlier that year. In the letters, the whistleblower included some claims against Mr. Stanley.
Mr. Stanley was aware about the letters and should have maintained a distance from the issue as it wasn’t appropriate for him to make any moves in trying to identify the sender of the letters. Instead, in July 2016, he finally made an attempt to identify the whistleblower and exposed himself to regulatory action.
The investigation conducted by the UK FCA and PRA states that Stanley had a conflict of interest to the whole case. Regulators said the fine was only 10 percent of his annual pay package. Also the regulators stated that Mr. Stanley was unfit for his role, because of attempting twice to identify the whistleblower.