Staley also fined £1.1 million over misleading statements
The Upper Tribunal has upheld the Financial Conduct Authority's (FCA) decision to ban Jes Staley (pictured), former chief executive of Barclays, from holding senior roles in the financial services industry.
The FCA had accused Staley of misleading the regulator about the nature of his relationship with Jeffrey Epstein, a convicted sex offender. At the heart of the case was a letter sent by Barclays to the FCA, which Staley approved. The letter stated that Staley did not have a close relationship with Epstein and that their last contact had occurred long before he joined the bank.
However, evidence reviewed by the FCA included hundreds of emails between the two men. The communications indicated a close personal relationship, with Staley describing Epstein as one of his “deepest” and “most cherished” friends.
The FCA also found that Staley had been in contact with Epstein just days before his appointment as Barclays CEO was announced in October 2015, and indirectly maintained contact in 2016 and 2017.
The tribunal agreed with the FCA’s conclusion that Staley acted recklessly by approving the letter. It said he had reason to downplay the relationship and no expectation at the time that the full extent of his communications with Epstein would come to light.
A court has upheld our ban on ex-Barclays CEO Jes Staley from holding senior roles in financial services. Mr Staley approved a letter containing misleading statements about his relationship with Jeffrey Epstein.
— Financial Conduct Authority (@TheFCA) June 26, 2025
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The tribunal also questioned Staley’s credibility and noted he had shown no remorse for his actions. It found that he failed to act with integrity, was not sufficiently open or co-operative, and did not make proper disclosures to the regulator.
“Staley chose to take a calculated risk that we would take his inaccurate account of his relationship with Epstein at face value,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. “He hoped that the truth would never come to light and that he would get away with it. Such a serious lack of integrity flies in the face of the requirements we place on those at the top.
“The Tribunal’s decision shows that we can and will act to protect the financial system by holding those in senior roles to the high standards required of them.”
The FCA had proposed a financial penalty of £1.8 million, but the tribunal reduced this to £1.1 million. The adjustment reflects Barclays’ decision to withhold deferred share awards from Staley after the regulator issued its decision notice.
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