UK's FCA To Fine Barclays Ex-CEO James Staley GBP 1.8 Mln Over Jeffrey Epstein Scandal

(RTTNews) - The Financial Conduct Authority or FCA, on Thursday has decided to fine former CEO of Barclays plc (BCS, BARC.L), James Staley, 1.8 million British pounds and ban him from holding a senior management or significant influence function in the financial services industry.

The FCA has found that Staley recklessly approved a letter sent by Barclays to the FCA, which contained two misleading statements, about the nature of his relationship with Jeffrey Epstein and the point of their last contact.

In August 2019, the FCA asked Barclays to explain what it had done to satisfy itself that there was no impropriety in the relationship between Staley and Epstein. In its response, Barclays relied on information supplied by Staley, who confirmed the letter was fair and accurate.

The letter claimed that Staley did not have a close relationship with Epstein. In reality, in emails between the two, Staley described Epstein as one of his 'deepest' and 'most cherished' friends.

The FCA has found that Staley was aware of the risk that his association with Epstein posed to his career. The FCA considers that, in failing to correct the misleading statements in the letter, Staley recklessly misled the FCA and acted with a lack of integrity.