UK authority fines Barclays CEO in whistleblower affair - InfoNews

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UK authority fines Barclays CEO in whistleblower affair

FILE - In this file photo dated Friday April 6, 2018, Barclays' CEO Jes Stanley attends an economic forum at Villa d'Este in Cernobbio, Italy. Barclays chief executive Jes Staley has been fined by Britain's Financial Conduct Authority (FCA) it is announced Friday May 11, 2018, in relation to his attempt to unmask a whistleblower after an anonymous letter was received by Barclays in June 2016. (Matteo Bazzi/ANSA File via AP)
May 11, 2018 - 4:18 AM

LONDON - British regulators have fined Barclays CEO Jes Staley 642,430 pounds ($871,976) for his attempt to identify a whistleblower.

The Financial Conduct Authority says that Staley "failed to act with due skill, care and diligence" in addressing a June 2016 letter that made several allegations, including some against Staley.

The authority says that given the conflict, Staley should have maintained his distance, refraining from steps to unmask the author.

Mark Steward, FCA executive director of enforcement and market oversight, says Staley "breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays' whistleblowing procedures."

Barclays will also face special requirements, including providing detailed annual reports on its handling of whistleblowing.

News from © The Associated Press, 2018
The Associated Press

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