Barclays makes complaint to authorities about Baker Tilly
Barclays complains to Financial Services Authority regarding an alleged breach of client confidentiality by a Baker Tilly employee
BARCLAYS HAS MADE a complaint about an alleged breach of client confidentiality by a Baker Tilly employee seconded to the bank, which has also been received by the ICAEW.
It is alleged that a Baker Tilly employee seconded to Barclays took information about one of the bank’s clients and handed it to the firm.
The Times claims the departure of the firm’s head of restructuring and recovery, Tracey Callaghan, is linked. However, a spokesperson at Baker Tilly would not confirm or deny this was the case. She said Callaghan had “retired” from the company at the end of April.
Barclays complained to its regulator the FSA. Accountancy Age understands that a complaint has also been received by the ICAEW.
A statement from Barclays said: “Barclays is aware of this incident and is carrying out a full and detailed investigation. We are taking this matter extremely seriously and have reported it to the relevant authorities.”
Many insolvency divisions at firms second their junior staff to banks so they can see how the process works from the secured creditor’s viewpoint.
It is understood that Barclays will review Baker Tilly’s position on its panel of insolvency firms, from which it allocates work. A review could take place this year, and the current complaint could impact on Baker Tilly’s position on the panel.
