FCA Ban - Business Outrank

Jes Staley, the former CEO of Barclays, has filed a objection to the ban on him holding senior financial roles in the UK, saying in court that the bank knew well his relation with Jeffrey Epstein. The Financial Conduct Authority (FCA) prohibited Staley in 2023 for failing to inform regulators about the extent of his relationship with Epstein. As for Staley, he stepped down in 2021, and besides paying £1.8 million, he also lost his bonuses of £18 million. The hearing started two weeks ago in London and Staley's legal team argued that Barclays' 2019 letter to the FCA, which said Staley and Epstein 'did not have a close relationship'. Staley's lawyers have contended that Barclays knew of his previous professional and personal relations with Epstein, the opposite of what the bank told regulators. In its case, the FCA produced evidence of continued contact between Staley and Epstein after the latter became a Barclays employee in 2015. The regulator claims that the conversations between them included topics like sex, women, and vacations, and that Epstein was trying to help advance Staley's career by pepling high profile people. Furthermore, it was reported that Staley's daughter was used as a way to contact each other, up until 2017. At the FCA, barrister Leigh-Ann Mulcahy KC said Staley had reason to downplay his connection to Epstein after the latter was jailed on sex trafficking charges in 2019. The FCA notes that the subject was downplayed in responses to media queries and official communications. Staley's team has argued that the FCA asked for confirmation that Staley and Barclays had no part in Epstein's criminal activities. They claim the bank's letter was not intended to describe the type of relationship but rather to declare that no one involved was participating in illegal activity. The case ongoing, with the tribunal likely to focus on Staley's prior conversations and whether or not Barclays knew of his connection to Epstein. The decision could be crucial for Staley's financial industry career.

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