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Regulators fine Barclays boss Jes Staley over whistleblower incident
(WebFG News) - UK regulators will slap Barclays boss Jes Staley with a fine for attempting to uncover a whistleblower back in 2016.
The bank said on Friday that the Financial Conduct Authority and the Prudential Regulation Authority have concluded their investigations and found that his actions were a breach of his requirement to act with "due skill, care and diligence" and proposed that he pay a financial penalty.
However, the FCA and PRA did not find that he acted with a lack of integrity or that he lacks "fitness and propriety" to continue to perform his role as group CEO.
Staley now has a period of time during which he can review the draft warning notices and make representations in relation to their content. As a result, Barclays is unable to comment further on the warning notices or any discussions with the FCA and PRA.
"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."
Shore Capital analyst Gary Greenwood said: "There is no fine for the company, but a little extra reporting will be required. Barclays had already tightened up its whistleblowing procedures with Mr Staley being forced to forgo a bonus. Overall, this is probably as good an outcome as could have been expected, in our view."