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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.