Published: Fri, April 20, 2018
Money | By Armando Alvarado

FCA And PRA Conclude Investigations Into Jes Staley And Barclays

FCA And PRA Conclude Investigations Into Jes Staley And Barclays

Barclays boss Jes Staley will be fined by City watchdogs and have his pay docked after he attempted to uncover the identity of a whistleblower.

The British bank, which in April past year said it had reprimanded Staley and would cut his bonus for his attempts to identify the whistleblower, will be required to report to the FCA and PRA on aspects of their whistleblowing programmes.

The lender detailed draft warning notices issued by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), which both allege that Mr Staley's action's violated rules that require an individual "to act with due skill, care and diligence".

The bank stressed, however, that regulators are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue in his role as chief executive.

After an internal reassessment of the hiring was completed, however, Mr. Staley directed Barclays's internal security team to try to find the writer, the bank's statement said.

Will shareholders agree? Or is this a fig leaf?

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Barclays announced to the stock market in April past year that Staley and the bank were under investigation by the FCA and the PRA for the affair.

The regulators' investigation also concluded no enforcement action will be taken against the bank.

Staley is still being investigated by United States authorities over the incident.

Its support was based on views that the company and chief executive were cooperating with authorities and that the bank had strengthened its whistleblowing programme.

Barclays' board continues to stand by Staley but will be reviewing his salary. The former JPMorgan executive is the investment bank's strongest advocate on the board and observers believe.

After learning about the letters, Mr Staley made two attempts to discover who wrote them, despite being informed that it was inappropriate for him to do so after his first try. 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.

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