Barclays's decision to publicly reprimand its CEO Jes Staley over his attempts to unmask a whistleblower proves that "nobody is above" regulations and could encourage others to report misdeeds in finance, lawyers and consultants say.

Barclays confirmed this morning that both it and Staley were under investigation by the Financial Conduct Authority and Prudential Regulation Authority. The probe relates to efforts made by Staley in 2016 to identify a whistleblower at Barclays. Staley will see his bonus cut as a result of his actions.