May 11, 2018

Barclays boss Jes Staley fined £642,000 for 'conduct breach'

Barclays chief executive Jes Staley has been fined £642,430 by regulators for breaching rules in trying to identify a whistleblower. The Financial Conduct Authority and the Prudential Regulation Authority said he failed to "Act with due skill, care and diligence" in his response to an anonymous letter received in June 2016. On top of this, regulators have told Barclays to report to it every year to explain how it handles whistleblowing. "Mark Steward, from the FCA, said:"Given the crucial role of the chief executive, the standard of due skill, care and diligence is more demanding than for other employees. "Mr Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays' whistleblowing procedures."

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