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2mo ago

Tribunal Upholds FCA Ban on Jes Staley Over Epstein Ties

By sustaining the regulator’s finding that he misled authorities, the tribunal reduced his penalty to £1.1 million, granting a 14-day window to appeal.

Former Barclays CEO Jes Staley walks near the court on the day Governor of the Bank of England Andrew Bailey gives evidence at London's Upper Tribunal in Staley's appeal against a proposed financial services ban over his relationship with disgraced financier Jeffrey Epstein, in London, Britain, March 7, 2025. REUTERS/Toby Melville/File Photo
Former Barclays CEO Jes Staley leaves court following the first day of his appeal against the Financial Conduct Authority's proposed fine and ban from senior roles in financial services for allegedly misleading the regulator over his relationship with late sex offender Jeffrey Epstein, in London, Britain, March 3, 2025. REUTERS/Isabel Infantes/File Photo
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Overview

  • The Upper Tribunal unanimously dismissed Jes Staley’s challenge to the Financial Conduct Authority’s 2023 prohibition on senior financial roles.
  • The FCA determined that a 2019 Barclays letter approved by Staley falsely claimed he had no close relationship or recent contact with Jeffrey Epstein.
  • Legal submissions and emails revealed Staley described Epstein as “family” and maintained indirect contact through his daughter until at least February 2017.
  • Tribunal judges deemed his approval of the misleading letter a serious failure of judgment and noted he showed no remorse for his conduct.
  • Staley’s original £1.8 million fine was cut to £1.1 million and he now has 14 days to seek permission to appeal to the Court of Appeal.