View more on these topics

Barclays boss Staley fined for trying to expose whistleblower

barclays-building-2012-700x450.jpgThe FCA and Prudential Regulation Authority have fined Barclays boss James Staley a total of £642,000 over his treatment of a whistleblower at the bank.

The regulators have ruled Staley “failed to act with due skill, care and diligence” when he responded to an anonymous letter in June 2016.

Staley attempted to unmask the internal whistleblower after hearing of letters sent to the board expressing concerns over the recruitment of a senior executive, utilising the bank’s internal security unit to do so.

In correspondence seen by The Guardian, Staley accuses the whistleblower of harassment and an attempt to “maliciously smear” friend and former colleague Tim Main, who was being brought in as head of the bank’s financial institutions group in New York.

The regulators have also imposed new requirements on Barclays specifically to produce annual reports on its treatment of whistleblowers, making individual senior managers responsible for the systems the bank has in place under the Senior Managers and Certification Regime.

FCA enforcement director Mark Steward says:  “Whistleblowers play a vital role in exposing poor practice and misconduct in the financial services sector. It is critical that individuals are able to speak up anonymously and without fear of retaliation if they want to raise concerns.”



Savers over-taxed £280m on pensions since freedoms

Savers have been over-taxed more than £280m since the start of the pension freedoms, new figures from HM Revenue & Customs show. According to a newsletter published this week from HMRC, in the first quarter of the year more than £22m had to be repaid to those making flexible withdrawals from their pensions. Since the […]


The lowdown on new DB transfer value analysis rules

Transfer value comparator and appropriate pension transfer analysis to replace much-maligned TVAS report in October The latest instalment in the long-running debate around defined benefit transfers was revealed by the FCA just before Easter. It was the response to the consultation it ran last summer. However, the landscape has changed since that point, with the […]

Revealed: Fidelity International director investigated over harassment claims

A former Fidelity International female employee is claiming compensation against the asset manager following an alleged case of harassment from senior management, Money Marketing can reveal. The employee, who we will name Mrs A, and who used to be based at one of Fidelity’s offices in India, was sent an employment termination letter on 14 March […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Philip Castle 11th May 2018 at 1:09 pm

    So, it;s quite clear if he’d caught the whistleblower they would have been sacked or if working for another financial institution “blacklisted” and yet he gets always with a fine and no sacking blacklisting despite proving he is not “fit and proper” by his actions.

Leave a comment