The Financial Conduct Authority (FCA) has taken the decision to fine ex-Barclays CEO, James Staley and ban him from holding a senior management or significant influence function in the financial services industry.
It is alleged by the FCA that Staley ‘recklessly approved’ a letter sent by Barclays to the FCA, which contained two misleading statements about the nature of his relationship with Jeffrey Epstein at the point of their last contact.
In response, Staley has referred his Decision Notice to the Upper Tribunal where he will present his case. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised.
Therese Chambers, joint Executive Director of Enforcement and Market Oversight at the FCA, said: “A CEO needs to exercise sound judgement and set an example to staff at their firm. Mr Staley failed to do this.
“We consider that he misled both the FCA and the Barclays Board about the nature of his relationship with Mr Epstein.
“Mr Staley is an experienced industry professional and held a prominent position within financial services.
“It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr Epstein.”