The Financial Conduct Authority (FCA) has imposed a £1.8 million fine and a ban on holding senior management or significant influence roles in the financial services industry on James Staley, the former CEO of Barclays.
The FCA found that Mr. Staley recklessly approved a letter sent by Barclays to the FCA, containing two misleading statements regarding his relationship with Jeffrey Epstein and the timing of their last contact.
Therese Chambers, joint Executive Director of Enforcement and Market Oversight at the FCA, expressed that a CEO should demonstrate sound judgment and set an example for their firm. In this case, Mr. Staley failed to do so by misleading both the FCA and the Barclays Board about his relationship with Mr. Epstein.
In response to an FCA inquiry in August 2019, Barclays relied on information supplied by Mr. Staley and confirmed the letter’s accuracy, stating that he did not have a close relationship with Mr. Epstein. However, emails between the two revealed a different reality, with Mr. Staley describing Mr. Epstein as one of his “deepest” and “most cherished” friends. Additionally, the letter falsely claimed that Mr. Staley had ceased contact with Mr. Epstein before joining Barclays, while he was in contact with Mr. Epstein days before his appointment as CEO was announced.
Although Mr. Staley did not draft the letter himself, the FCA deemed that he had a responsibility to correct the misleading statements, as he was the only individual at Barclays fully aware of his personal relationship with Mr. Epstein and the specific timing of their contact. The FCA’s findings suggest that Mr. Staley was aware of the risk this association posed to his career and that his actions constituted a reckless act of misleading the FCA with a lack of integrity. Please note that Mr. Staley has chosen to appeal the FCA’s decision, so the findings are provisional at this stage.
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