LONDON (Reuters) -Former Barclays boss Jes Staley on Thursday lost his high-stakes appeal against a proposed financial industry ban for misleading Britain's Financial Conduct Authority (FCA) over his
Former Barclays CEO Staley's Appeal Against FCA Ban Rejected
LONDON (Reuters) -Former Barclays boss Jes Staley on Thursday lost his high-stakes appeal against a proposed financial industry ban for misleading Britain's Financial Conduct Authority (FCA) over his relationship with Jeffrey Epstein.
The FCA said in 2023 that it would ban Staley and fine him 1.8 million pounds ($2.4 million) for misleading the watchdog over his ties to late disgraced financier Epstein, which Staley challenged at London's Upper Tribunal.
Staley said he had no idea about Epstein's "monstrous activities", though the case and his evidence brought to light Staley's emails with Epstein – whom he once called "family".
The 68-year-old's case centred on a 2019 letter sent by Barclays Chair Nigel Higgins to the FCA, which approached the British bank shortly after Epstein's arrest on sex-trafficking charges brought scrutiny on Staley and the financier's other high-profile associates.
The FCA says the letter contained two misleading statements: that Staley "did not have a close relationship" with Epstein and their last contact was "well before he joined Barclays in 2015".
Staley, however, said both statements were accurate and that his "close business relationship" with Epstein diminished after he left his previous employer JPMorgan, where Epstein was once a major client.
Upper Tribunal Judge Timothy Herrington ruled in the FCA's favour, meaning Staley's ban from holding a senior management role in the financial services industry was upheld.
The 1.8 million-pound was, however, reduced to 1.1 million pounds.
(Reporting by Sam Tobin; Editing by Tomasz Janowski)
