The U.K.'s Financial Conduct Authority (FCA) declared on Thursday that they had determined to impose a financial penalty of £1.8 million ($2.21 million) on Staley and prohibit him from assuming any high-level management or significant influential role within the industry. This was due to the results of an FCA investigation into Staley's connection with the ex-financier who had been discredited. As a result, Staley resigned from his position as CEO of the British bank in November 2021.
On Thursday, the U.K. Financial Conduct Authority (FCA) imposed a £1.8 million ($2.21 million) fine on former Barclays CEO Jes Staley and barred him from holding any senior management or influential role in the financial services industry for misleading the regulator on his relationship with sex offender Jeffrey Epstein. Therese Chambers, joint executive director of enforcement and market oversight at the FCA, stated in a statement that a CEO should demonstrate sound judgment and be a role model to their staff. She declared that Staley did not live up to this expectation by withholding information about his close personal relationship with Epstein.
Staley stepped down as CEO of the British lender in November 2021 after the FCA examined his alleged connection to the disgraced former financier, who committed suicide in 2019 in Manhattan's Metropolitan Correctional Center after being charged with child sex trafficking.The FCA asked Barclays in August 2019 to explain how they ensured there was no wrongdoing in the bond between the two men, and Staley authorized a statement claiming they weren't close.Emails later surfaced in which Staley referred to Epstein as one of his "deepest" and "most cherished" friends, confirmed by the FCA. Despite informing his company the relationship had been terminated before he joined in December 2015, he was found to have spoken to Epstein on Oct. 28, 2015.Staley has brought the decision to the upper tribunal for review.In a market notice Thursday, Barclays declared that Staley should be barred from or relinquish a number of past bonuses and compensation awards from the company totaling £17.8 million.Barclays declined to give any extra remarks on the issue.
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