The CISI has warned lessons need to be learned regarding the treatment of whistleblowers, following the FCA fining Barclays CEO Jes Staley for attempting to unmask one.

The as-yet undisclosed fine, which CISI says could “easily run into seven figures”, was welcomed because it “represents a significant move forward in whistleblower protection.”

The punitive action is the first time the FCA has hit a sitting chief executive with a fine and CISI believes this will make other senior leaders up their game on whistleblowing.

Rebecca Aston, CISI head of professional standards said: “This finding will have senior leaders of other UK banks taking notice and dusting off their firm’s whistleblowing policies.

“It also sends a clear message that training on whistleblowing policies within financial services organisations is essential, even (or especially) in the board room.
 
“Finally, this finding demonstrates that the FCA are prepared to take steps to protect the sanctity of a report by any whistleblower – even if the concern they raised is not upheld.”

She added: “Trust is an essential part of the relationship between professionals and their clients, so professional bodies in financial services, including the CISI, have in recent years focused on building and maintaining public trust in the services offered by their members.

“The CISI’s ‘Speak Up’ initiative, which focuses on giving individuals working in financial services the tips, tools and moral courage to raise concerns within their organisations, is an important part of our work to build public trust in professionals and in financial services.”