Former CEO is fined by the FCA for “deceptive” board and regulator


The Monetary Conduct Authority has reiterated that every one enterprise leaders must train sound judgement and set an instance because it introduced it has determined to effective former Barclays chief govt James Staley £1.8 million for “deceptive statements”.

Therese Chambers, joint govt director of enforcement and market oversight on the FCA mentioned: “A CEO must train sound judgement and set an instance to workers at their agency.  Mr Staley failed to do that.”

The FCA’s case pertains to an occasion when the FCA had requested Barclays to elucidate what it had completed to fulfill itself there was no impropriety within the relationship between Staley and Jeffrey Epstein, a former banker and convicted intercourse offender, and Staley authorized Barclays’ response which said that there was no shut relationship and he had ceased contact with Epstein lengthy earlier than becoming a member of Barclays.

The FCA says it subsequently found emails between the 2 wherein Staley described Epstein as certainly one of his “deepest” and “most cherished” associates, and it discovered that they had been involved within the days main as much as Staley’s appointment as CEO being introduced.

The FCA has made the choice to effective Staley £1.8m and ban him from holding a senior administration or important affect operate in monetary providers.

Staley has referred the choice to the Higher Tribunal the place he’ll current his case, so any findings within the Determination Discover are due to this fact provisional and replicate the FCA’s perception as to what occurred and the way it considers his behaviour must be characterised

Chambers added: “We think about that he misled each the FCA and the Barclays Board concerning the nature of his relationship with Mr Epstein.

“Mr Staley is an skilled trade skilled and held a outstanding place inside monetary providers. It’s proper to stop him from holding a senior place within the monetary providers trade if we can’t depend on him to behave with integrity by disclosing uncomfortable truths.”


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