The FCA and PRA have now concluded their investigation into Staley and have issued confidential draft warning notices setting out their reasons for proposing enforcement actions.

The regulators have said that Staley’s actions in relation to the attempt to identify a whistleblower represented a breach of Individual Conduct Rule 2 (requirement to act with due skill, care and diligence) and each have proposed that he pay a financial penalty. This size of the penalty has not been disclosed.

Barclays have stressed that regulators are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue in his role as chief executive.

Barclays said: ‘The Barclays Board continues to have unanimous confidence in Mr Staley and continues to recommend his re-election as a Director at the Barclays Annual General Meeting on 1 May 2018.

‘As set out in the April 2017 Announcement, the Barclays Board will determine what adjustment to Mr Staley’s compensation is appropriate once the FCA and PRA processes have concluded.’

Staley now has 28 days to respond to warning notices issued by the two regulators.

Barclays Bank, who was also subject to an investigation following Staley’s actions, is not facing any enforcement actions by either regulator.

In 2016 Staley attempted on two occasions to use Barclays’ internal security team to track down the sender of two anonymous letters sent to Barclay’s board and senior executives in May 2016.

Report by Amy Austin