Two UK regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority, have concluded their investigation into Barclays CEO Jes Staley’s actions and have told him to pay a “financial penalty” as punishment. Staley reportedly tried to hunt down an internal whistleblower that raised concerns about the recruitment of Tim Main as head of the bank’s financial institutions group in New York. Staley is expected to keep his job despite his attempts to improperly unmask an internal whistleblower. The amount of the financial penalty has not yet been disclosed.
“This is not just some technical flouting of the rules,” said Mary Inman, a lawyer at Constantine Cannon who represents whistleblowers. “Jes Staley has flouted two of the key stop-guard measures regulators put in place to prevent a repeat of the financial crisis. The response to not take action against the bank and to fine Jes Staley an unspecified amount feels very weak.”
In an interview with Bloomberg, Inman added: “I’m gravely disappointed with the FCA’s response. It failed the test by being so weak in its response to Staley’s willful flouting of the requirements.”
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