Financial Conduct Authority ban on former Barclays CEO Jes Staley upheld by Upper Tribunal with £1.1m fine

The Financial Conduct Authority issued a Final Notice confirming its ban on Jes Staley, former Chief Executive Officer of Barclays, from holding senior management roles in the financial services industry, after the Upper Tribunal upheld the FCA’s decision and set a financial penalty of £1.1m. The case centred on a letter sent by Barclays to the FCA that Mr Staley approved, which the FCA found contained misleading statements about the nature and timing of his relationship with Jeffrey Epstein. The Tribunal agreed Mr Staley acted recklessly in signing off the letter and found he lacked integrity, failed to be open and co-operative, and failed to make appropriate disclosures, citing evidence including hundreds of emails showing a close relationship and contact continuing later than claimed, including indirect contact in 2016 and 2017. The Upper Tribunal dismissed Mr Staley’s reference on 26 June 2025, and the time limit for him to seek permission to appeal expired on 10 July 2025; the FCA issued the Final Notice on 23 July 2025. The Tribunal reduced the FCA’s proposed fine from £1.8m to £1.1m because Barclays decided, after the Decision Notice was published in October 2023, not to permit Mr Staley to receive deferred shares to which he could have been entitled.