Britain’s banking regulator has taken action against James Staley, the former CEO of Barclay Bank, for his misleading statements about his association with Jeffrey Epstein. Staley has been banned from the country’s financial sector and fined $2.2 million. The decision comes after an investigation by the Financial Conduct Authority (FCA) revealed that Staley had provided inaccurate information about his friendship with the disgraced U.S. financier.
According to the FCA, Staley “recklessly” approved a letter to regulators that contained misleading statements about his relationship with Epstein and the timing of their last contact. The regulator has suspended the sanctions and fine pending Staley’s appeal to the independent Upper Tribunal. However, the FCA is firm in its stance that Staley’s actions warrant consequences.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, stated, “A CEO needs to exercise sound judgment and set an example to staff at their firm. Mr. Staley failed to do this. We consider that he misled both the FCA and the Barclays Board about the nature of his relationship with Mr. Epstein. Mr. Staley is an experienced industry professional and held a prominent position within financial services. It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr. Epstein.”
The FCA’s investigation found that Staley was aware of the reputational risk associated with his association with Epstein. Despite this knowledge, he failed to correct the misleading statements in the letter. The FCA emphasized that Staley was the only person at Barclays who knew the true extent of his relationship with Epstein and the exact timing of their contacts, making his actions even more concerning.
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