Reg­u­la­tors to grill Bar­clays chief again over at­tempt to root out whistle­blower

Yorkshire Post - - NEWS -

CITY REG­U­LA­TORS have called in the chief ex­ec­u­tive of Bar­clays for a sec­ond in­ter­view over his at­tempts to root out a whistle­blower, ac­cord­ing to re­ports.

Jes Sta­ley was quizzed by both the Fi­nan­cial Con­duct Au­thor­ity (FCA) and the Bank of Eng­land’s Pru­den­tial Reg­u­la­tion Au­thor­ity (PRA) last week af­ter an ini­tial in­ter­view in July, Sky News has re­ported.

The two or­gan­i­sa­tions have opened a probe into Mr Sta­ley’s con­duct and se­nior man­ager re­spon­si­bil­i­ties re­lat­ing to the lender’s whistle­blow­ing pro­gramme.

The in­ci­dent refers to anony­mous let­ters sent in 2016 to the board and an ex­ec­u­tive, which raised con­cerns about a newly re­cruited se­nior em­ployee and Mr Sta­ley’s role in the re­cruit­ment.

Hav­ing been given a copy of the first let­ter and made aware of the sec­ond, Mr Sta­ley ini­tially re­quested that Bar­clays Group In­for­ma­tion Se­cu­rity team at­tempt to iden­tify the au­thors of the let­ters as he con­sid­ered they were an “un­fair per­sonal at­tack” on the em­ployee.

Bar­clays has al­ready is­sued the CEO with a for­mal writ­ten rep­ri­mand, and may make a “very sig­nif­i­cant com­pen­sa­tion ad­just­ment” to his bonus.

The pre­cise amount of the com­pen­sa­tion ad­just­ment will be de­ter­mined once the FCA and PRA in­ves­ti­ga­tions have con­cluded.

Bar­clays pre­vi­ously said that Mr Sta­ley “hon­estly, but mis­tak­enly, be­lieved that it was per­mis­si­ble to iden­tify the au­thor” of a let­ter writ­ten by the whistle­blower.

The board con­cluded that Mr Sta­ley “made an er­ror” in be­com­ing in­volved with and not ap­ply­ing ap­pro­pri­ate gov­er­nance around the mat­ter.

The at­tempt to un­cover the whistle­blower’s iden­tity was ul­ti­mately un­suc­cess­ful.

Bar­clays, the FCA and the PRA de­clined to com­ment.

Bar­clays said in the spring that its re­sponse to the scan­dal “should be pro­por­tion­ate to its se­ri­ous na­ture”.

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