Barclays CEO Staley faces FCA fine over whistleblower episode

Staley is facing a financial penalty over the alleged breach, after the FCA and the Prudential Regulatory Authority (PRA) concluded he failed in the requirement to act with due skill, care and diligence.

However, 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 chief executive of the bank.

Barclays said its board “continues to have unanimous confidence in Mr Staley” and is still recommending that shareholders back his re-election at the company’s annual general meeting (AGM) on 1 May.

Staley now has 28 days to respond to warning notices issued by the FCA and PRA.

As far as Barclays itself is concerned, the two regulators have concluded they will not pursue any enforcement action on the matter.

However, they have proposed that “each of Barclays Bank PLC and Barclays Bank UK PLC will be subject to requirements to report to the FCA and PRA on certain aspects of their whistleblowing programmes”.

Separately, in May 2017, Barclays’ board voluntarily commissioned independent reviews of its whistleblowing policies, processes and controls, which it said has led to “enhancements”.

The FCA and PRA said in a joint statement: ’The FCA and the PRA have now concluded investigations into the CEO of Barclays and Barclays Bank Plc. We have issued draft warning notices in respect to the CEO and will announce the outcome once this issue has reached a conclusion.’

Barclays added that it continues to “provide information to, and cooperate with, authorities in the US with respect to this matter”.