You are using an older browser version. Please use a supported version for the best MSN experience.

Regulators to probe Barclays boss

Press Association logoPress Association 10/04/2017

Barclays boss Jes Staley will be probed by British financial regulators and have his pay docked over failings relating to the lender's whistleblowing program.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have opened an investigation into Staley's conduct and senior manager responsibilities after an attempt by him to identify a Barclays whistleblower in 2016.

Following an independent investigation, Barclays has also decided to issue the chief executive with a formal written reprimand and ensure a "very significant compensation adjustment" be made to Staley's pay packet.

Barclays said Staley "honestly, but mistakenly, believed that it was permissible to identify the author" of a letter written by the whistleblower.

The board concluded Staley "made an error" in becoming involved with and not applying appropriate governance around the matter.

Staley has apologised to the board but will nevertheless see his pay docked at an amount to be determined once the FCA and PRA investigations have concluded.

The bank is also commissioning independent reviews of its processes and controls, including its whistleblowing program.

Barclays and Staley would co-operate fully with the FCA and PRA investigations, the bank said.

Barclay said he would accept "whatever sanction it deems appropriate".

"Our whistleblowing process is one of the most important means by which we protect our culture and values at Barclays and I certainly want to ensure that all colleagues, and others who may utilise it, understand the criticality which I attach to it," he said.

More From Press Association

image beaconimage beaconimage beacon