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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.”

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  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.

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