The Financial Conduct Authority (FCA) confirmed on Friday that Staley would land a £642,430 fine for failure to act with due skill, care and diligence. It represented two equal fines of £321,200 from the FCA and the Prudential Regulation Authority (PRA).
But speaking in April, shortly after the FCA announced it would fine Staley but allow him to keep his job, Miller said the regulator should have taken a harder line.
“They’re more worried about someone who fare dodged and ended up saying he cannot for life work in the City and yet they let someone who was bullying a whistleblower and contravening all the whistleblowing procedures in Barclays to keep his job.
“That’s not operating with integrity,” she told the London Business School asset management conference.
In 2014, the FCA banned Blackrock manager Jonathan Burrows from working in the financial services industry after he had dodged £43,000 in rail fares through a loophole in ticket barriers.
The FCA did not respond to a request for comment about Miller’s comments.
MPs to probe FCA
Meanwhile, Treasury select committee chair Nicky Morgan confirmed on Friday she would press the FCA over the Barclays decision.
Morgan said: “In our next evidence session with the FCA, we’ll ask why it believes that the fines are appropriate, and what it believes the implications are for the Senior Managers Regime.”
The Conservative MP noted the FCA itself has said a CEO should set an example to the firm’s employees.
“Clearly Mr Staley has failed in this regard,” she said.
FCA chief executive Andrew Bailey last appeared before the Treasury select committee in February. The date of his next appearance has not yet been confirmed.
Barclays stands by Staley
In a statement via the Barclays press office, Staley said he has consistently acknowledged his involvement in the matter was inappropriate.
“I have apologised for mistakes which I made. I accept the conclusions of the [Barclays] board, the FCA, and the PRA, following their respective investigations, and the sanctions which they have each applied.”
Staley was initially slapped with a £917,800 fine, but received a 30% reduction for reaching an early settlement with investigators. The Barclays board has said it will reduce his variable pay for 2016 by £500,000.
Barclays will be subject to special requirements to ensure its whistleblowing procedures are effective, including reporting to the regulator on an annual basis.
Chairman John McFarlane reiterated his support for Staley following today’s fine. “We remain focused on executing our strategy and delivering greater returns for shareholders.”
