Home Business NewsBusiness FCA and PRA conclude investigations into Jes Staley and Barclays

FCA and PRA conclude investigations into Jes Staley and Barclays

20th Apr 18 7:11 am

Here’s what you need to know

The FCA and PRA have been conducting investigations into Jes Staley, Group Chief Executive Officer of Barclays, and Barclays Bank PLC in relation to an attempt by Staley in 2016 to identify the author of an anonymous letter. The FCA and PRA have now concluded these investigations.

In respect of Staley, the FCA and PRA have recently issued confidential draft warning notices setting out their reasons for proposing enforcement actions. The FCA and PRA are alleging that Mr Staley’s actions in relation to this matter represented a breach of Individual Conduct Rule 2 (requirement to act with due skill, care and diligence) and each have proposed that he pay a financial penalty.

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.

In accordance with the enforcement procedures of the FCA and PRA, Staley now has a period during which he may review the draft warning notices and make representations to these authorities in relation to their content. Therefore, Barclays is not in a position to comment further on the draft warning notices, any discussions with the FCA and PRA or the timing of the final outcome of this matter.

In light of the draft warning notices of the FCA and PRA, the Barclays Board continues to be satisfied with its conclusions as set out in the April 2017 Announcement. 

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