Why Barclays boss Jes Staley should be relieved despite £1.1m hit

Jes Staley

"In our next evidence session with the FCA, we'll ask why it believes that the fines are appropriate, and what it believes the implications are for the Senior Managers Regime".

"Clearly Mr Staley has failed in this regard", she said.

Moreover, while £1.1m is a huge sum for ordinary mortals, some will question whether it will be that painful for Mr Staley.

"This was an opportunity for United Kingdom regulators to say they will protect whistleblowers, and they blew it", Erika Kelton, a partner and whistleblowing attorney at Phillips and Cohen, told the newspaper. In total that year, he earned £4.23 million....

Barclays has also been hit with "special requirements" where it must now report to regulators regarding how it handles whistleblowing - with senior managers having to show evidence of suitable systems and controls every year until the end of 2020.

Leave aside the fine, though.


"Mr Staley's actions fell short of the standard of due skill, care and diligence expected of a CEO in a regulated firm", the FCA said.

What will probably have hurt Mr Staley most is that he has been censured by the two regulators. He added that "Chief executives must act with a high degree of care and prudence at all times".

Barclays' (LON:BARC) chief executive Jes Staley has been fined by regulators over his attempt to uncover a whistleblower, the FTSE 100 lender has disclosed.

I accept the conclusions of the Board, the FCA, and the PRA, following their respective investigations, and the sanctions which they have each applied.' In respect of the FCA's and PRA's investigations relating to Barclays Bank PLC, each of Barclays Bank PLC and Barclays Bank UK PLC have now agreed to be subject to requirements to report to the FCA and PRA on certain aspects of their whistleblowing programmes.

The fine is the third-biggest ever imposed by the Financial Conduct Authority on an individual.

"They're more anxious about someone who fare dodged and ended up saying he can not for life work in the City and yet they let someone who was bullying a whistleblower and contravening all the whistleblowing procedures in Barclays to keep his job".

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