Barclays fined over $15m over whistleblowing error

New York has fined Barclays an amount of $15m over a whistleblowing error which took place in 2016.

The attempts of Mr. Jes Staley to uncover the whistleblower first came to light in April 2017, dealt a new blow for Barclays which was recovering itself from the Ligor-rigging scandal.

Staley was publicly reprimanded for this, but was allowed to keep his job. This act by the bank, angered the whistleblowers, who said that this would discourage others from reporting wrongdoing at their workplaces.

It was found that there were shortcomings in the banks governance and controls in relation to whistleblowing lead to a breach in the New York state banking laws, which lead to the fine.

UK regulators the financial conduct authority and prudential regulation authority fined Staley £642,230 over the incident in May. Barclays was also ordered to report on its whistleblowing procedures annually.

Date: 18 December 2018

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