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Screenshot of a breaking news alert e-mail from Q2 2017
As announced April last year, the Financial Contract Authority (FCA) and the Prudential Regulation Authority (PRA) have been conducting investigations into Jes Staley, Group Chief Executive Officer of Barclays, and Barclays Bank PLC (LON:BARC) in relation to an attempt by Mr Staley in 2016 to identify the author of an anonymous letter. The FCA and PRA have announced that they have now concluded these investigations.
In respect of Mr 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, Mr 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. The Barclays Board continues to have unanimous confidence in Mr Staley and continues to recommend his re- election as a Director at the Barclays Annual General Meeting on 1 May 2018. As set out in the April 2017 Announcement, the Barclays Board will determine what adjustment to Mr Staley’s compensation is appropriate once the FCA and PRA processes have concluded.
In respect of Barclays Bank PLC, the FCA and PRA have concluded that they will not take enforcement action in respect of this matter. 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. Separately, in May 2017, the Barclays Board voluntarily commissioned independent reviews of Barclays’ whistleblowing policies, processes and controls, in line with which certain enhancements have subsequently been made.
Barclays continues to provide information to, and cooperate with, authorities in the US with respect to this matter.
Barclays will make further announcements as appropriate.