Last week, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority, concluded their investigation into Barclays CEO Jes Staley’s actions and ordered 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.
“The two programs flouted here are linchpins of regulators’ response to the financial crisis. The signal that’s been sent out is they are not worth the paper they are written on,” said Mary Inman, partner at Constantine Cannon. “The message it sends is a disappointing one,” added Inman. “To whistleblowers, I think it is showing that the FCA isn’t as serious about protecting their anonymity as they should be.”
What do you think? Was Barclays CEO Jes Staley’s Punishment too Lenient?
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