Jes Staley Loses Appeal: High-Stakes FCA Ban Upheld
Jes Staley, the former Barclays CEO, lost his appeal against a proposed ban by the FCA for misleading information about his connections with Jeffrey Epstein. Despite his argument, the tribunal supported the ban, while reducing the fine to 1.1 million pounds.
Jes Staley, former CEO of Barclays, faced another setback as his appeal against a ban proposed by Britain's Financial Conduct Authority (FCA) was dismissed. The FCA intends to ban Staley and impose a fine of 1.8 million pounds for misleading the regulator regarding his relationship with the notorious financier Jeffrey Epstein.
The case was closely tied to a 2019 letter from Barclays Chair Nigel Higgins to the FCA, scrutinizing Staley after Epstein's arrest on sex-trafficking charges. The FCA accused Staley of providing false statements about his bond with Epstein, claiming he wasn't closely associated and had ceased contact before his tenure at Barclays.
Judge Timothy Herrington upheld the FCA's decision in favor of the ban but reduced the fine to 1.1 million pounds, considering Barclays' suspension of deferred shares. Staley, though disappointed, appreciated the tribunal's acknowledgment of his integrity in certain aspects of his career.
(With inputs from agencies.)
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