The Financial Conduct Authority (FCA) and Prudential Relegation Authority (PRA) have fined the chief executive of Barclays £642,430 over his handling of a whistle blower.
In a joint statement the two regulators announced the Barclays chief James Staley will be fined for his failure to ‘act with due skill, care and diligence in the way he acted in response to an anonymous letter received by Barclays in June 2016’.
Barclays is also now the subject of a special requirement which means it must report annually to the regulatory on how it handles whistleblowers, the statement said.
We concur with the comment from the head of the FCA: “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.”