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Barclays CEO Jes Staley to be fined by UK regulators for whistleblowing incident

Published: 17:20 20 Apr 2018 AEST

Barclays
Barclays has recommended the re-election of Jes Staley as a director at its AGM

Barclays PLC (LON:BARC) said on Friday that British regulators have proposed that chief executive Jes Staley pay an undisclosed fine for trying to unmask a whistleblower.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have alleged Staley's actions represented a breach of individual conduct as he failed to act with due skill, care and diligence, the bank said.

"The FCA and PRA are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as group chief executive officer," Barclays added.

The regulators will not take enforcement action against Barclays but will monitor the bank's whistleblowing programmes. 

Barclays said it continues to have “unanimous confidence” in Staley and will recommend his re-election as a director at the company’s annual general meeting on May 1.  

The FCA and PRA have been investigating Staley over the whistleblowing incident since last April.

The bank has previously explained that Staley was trying to protect a colleague who had experienced "personal difficulties in the past from what he believed to be an unfair attack". 

READ: Barclays chief Jes Staley investigated over whistleblowing claims

Barclays had informed the chief executive that his actions were inappropriate, cut its pay package and reported the incident to FCA and PRA. 

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