The FCA and PRA have confirmed the amount they have fined James Staley, chief executive of Barclays, in the two regulatory bodies’ first case under the Senior Managers’ Regime (SMR).
The fine had been previously announced and today (11/05/2018) it was revealed to be a total of £642,430. In addition to the fine, Barclays is also now subject to special requirements by which it must report annually to the regulators detailing how it handles whistleblowing, with personal attestations required from those Senior Managers responsible for the relevant systems and controls.
The case surrounded Mr Staley’s attempt to discover the identity of an anonymous whistleblower.
Stating that he had made “serious errors of judgement” the FCA and PRA said in a joint statement: “Mr Staley attempted to identify the author of an anonymous letter received by Barclays in June 2016 that claimed to be from a Barclays shareholder. The letter contained various allegations, some of which concerned Mr Staley. Given his conflict Mr Staley should have maintained an appropriate distance; he should not have taken steps to identify the author. Mr Staley should have explicitly consulted fully with those with expertise and responsibility for whistleblowing in Barclays and sought express confirmation from them that what he wanted to do was permissible. He failed to do this.”
The statement added that Mr Staley had “made no personal gain in this instance.”