The Financial Conduct Authority has fined former Barclays CEO James Staley £1.8m and banned him from holding a senior management or influence function in the financial services sector.

Following today’s announcement that Barclays chief executive James ‘Jes’ Staley will be fined £642,430, his employer has cut his total remuneration package by £500,000.

The FCA and PRA have jointly fined James Staley £642,430 and announced special requirements on whistleblowing systems and controls at Barclays Bank.