British regulators to fine Barclays CEO, monitor whistleblowing program

Finance


Simon Dawson | Bloomberg | Getty Images

Jes Staley, chief executive officer of Barclays Plc

British regulators have concluded efforts of Barclays chief executive Jes Staley to unmask a whistleblower at the bank represented a breach of individual conduct and proposed he pay an undisclosed fine, the bank said on Friday.

Barclays said the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) “are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as Group Chief Executive Officer.”

The FCA and PRA will not take enforcement action against Barclays, the bank said.

The bank will, however, be required to report to the FCA and PRA on certain aspects of their whistleblowing programs.

“Barclays management continues to have unanimous confidence in Staley and continues to recomment his re-election as a director at the Barclays annual general meeting on May 1,” Barclays said a statement on Friday.



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