Page 68 - Barclays Bank (B)

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)