Page 87 - Bank Case Studies
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In April 2018 Barclays announced that the FCA and the Bank
of England’s Prudential Regulation Authority (PRA) had
concluded Staley was:
“not guilty of the worst possible transgressions of
the Senior Managers Regime: he is still deemed fit
and proper to do his job, and he has not been
judged to have acted with a lack of integrity. Had
either count gone against him, he would have
been out of a job. His breach of the requirement
to show “due skill, care and diligence” was not a
hanging offence.” (3)
The UK regulators were however, criticised for being too soft
on Staley after they decided to fine him an unspecified
amount for trying to unmask a whistleblower. This at a time
when they are trying to bed down new whistleblowing rules
to give more protection to those who come forward to
report bad behaviour. The case was also the first big test of
the UK’s new regime to hold senior financial managers to
account. (3)
Mr Staley apologised in late 2017 for his
“mistake” saying:
“I made a mistake. I was trying to
protect a vulnerable colleague. I should
have left the organisation to handle it.”
(4)
