Banking StandardsLetter from Antony Jenkins, Group Chief Executive, Barclays

I write further to Sir Hector Sants’ evidence to the Parliamentary Commission on Banking Standards on 10 January and your request that Barclays provide a letter clarifying the safeguards that exist to manage potential conflicts of interest around regulatory cases relating to Barclays, given Sir Hector’s previous role.

As you are aware, the FSA has approved Barclays appointment of Sir Hector and the application for him to perform the role of Compliance Oversight. The FSA has indicated its full support of our desire to restructure Barclays compliance function. As Sir Hector explained when he gave evidence, there is a statutory contractual period determined by the FSA Board during which former senior directors of the FSA are prevented from working for regulated firms and Sir Hector is beyond that period. This period ensures that the individual does not have any up to date, current regulatory information which could benefit the firm they are joining.

Barclays and Sir Hector are absolutely aware of the importance of, and are committed to, managing any potential conflicts of interest around regulatory cases relating to Barclays with which Sir Hector would have had visibility during his tenure as CEO of the FSA. We have agreed with the FSA that Sir Hector will not be party to discussions on settlement of formal action by the FSA (or FCA or PRA in due course). However, as you would expect, this will not preclude Sir Hector from being involved in broader discussions on lessons learned from such cases.

I hope that this letter eases your concerns but please do not hesitate to contact me should you wish to discuss further.

22 January 2013

Prepared 19th June 2013