Barclays chief faces penalty for trying to identify a whistleblower | City & Business | Finance

The lender detailed draft warning notices issued by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), which both allege that Mr Staley’s action’s violated rules that require an individual “to act with due skill, care and diligence”.

However, the bank stressed that regulators are not alleging that the Barclays chief executive acted with a lack of integrity or that he was not fit to continue in his role.

The size of the proposed penalty has not been disclosed.

FINE: Jes Mr Staley, 61, now has 28 days to respond to the warning notice.

Barclays Bank, which also faced a probe following Mr Staley’s attempts to identify the author of the anonymous letter, is not facing any enforcement action by the FCA or PRA.

“However, they have proposed that each of Barclays Bank plc and Barclays Bank UK plc will be subject to requirements to report to the FCA and PRA on certain aspects of their whistleblowing programmes,” the lender explained. Barclays said it continues to provide information to and co-operate with US authorities over the incident.

The board said it “continues to have unanimous confidence in Mr Staley” and is still recommending that shareholders back his re-election at the AGM on May 1.

Mr Staley’s misconduct was the focus of last year’s AGM when shareholders fired a warning shot at the banking chief, with more than 16 per cent of votes cast failing to back his re-election. Nearly 14 per cent abstained and 2.4 per cent voted against – even as Mr Staley issued an apology to shareholders at the meeting.

Staley But an influential advisory group – Institutional Shareholder Services – earlier this week called for a vote in favour of Mr Staley “even though it is not without concern for shareholders”.

Its support was based on views that the company and chief executive were cooperating with authorities.

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