“I welcome today’s announcement from the FCA and PRU, which recognises and penalises Mr Staley’s unacceptable persecution of whistleblowers at Barclays.
“Whistleblowers have played a crucial role in exposing misconduct at the time of the financial crisis and since. They must be supported not suppressed, and banks – or any other organisation – that try to do so must be held accountable and punished.
“While some punishment is better than no punishment, Mr. Staley has been allowed to continue in his role, and it remains to be seen how substantial the fines levied on his salary will be. Barclays’ relief at the judgement suggests this penalty may not be enough to disincentivise similar behaviour in future, both there and elsewhere.”