Barclays boss fined over £640k for 'serious errors of judgement' in whistleblowing case

New whistleblowing procedures for bank

Beth Brearley
clock • 2 min read

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have jointly fined chief executive of Barclays Group James Staley £642,430 for breaching individual conduct rules when he tried to identify the author of an anonymous letter to the bank in 2016.

In the first case brought by the FCA and PRA under the Senior Managers Regime, the regulators also stipulated Barclays must submit an annual report detailing how it handles whistleblowing, with personal statements required from senior managers responsible for the relevant systems and controls. These measures, which apply to all cases until the end of 2020, are the first of their kind applied to a regulated firm in relation to whistleblowing. Staley attempted to identify the author of an anonymous letter received by Barclays in June 2016 that claimed to be from a Barclays shareholder maki...

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