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FCA decides to fine and ban James Staley

News Financial services English Sanctions & Fines
Date: 12th Oct, 2023 Source: Financial Conduct Authority Country: United Kingdom Original Source

Brief

Summary:

The Financial Conduct Authority (FCA) has imposed a fine of u00a31.8 million on James Staley, former CEO of Barclays, and banned him from holding a senior management or significant influence function in the financial services industry. The FCA found that Staley recklessly approved a letter to the regulator that contained two misleading statements about his relationship with Jeffrey Epstein and the timing of their last contact. Staley is accused of misleading both the FCA and Barclays' board about his relationship with Epstein, and failing to exercise sound judgment and integrity by not disclosing uncomfortable truths about their close personal connection.

Mr 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. The FCA has decided to fine former CEO of Barclays, James

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Mr 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. The FCA has decided to fine former CEO of Barclays, James

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