Former Barclays chief government Jes Staley has been fined £1.8 million by the Monetary Conduct Authority for deceptive the watchdog over the character of his relationship with convicted intercourse offender Jeffrey Epstein.
Mr Staley has additionally been banned from holding senior roles within the monetary sector.
The FCA stated Mr Staley recklessly accepted a letter despatched by Barclays to the regulator which claimed the financial institution’s former boss didn’t have a detailed relationship with financier Mr Epstein, who died in 2019.
In actuality, in emails between the 2 Mr Staley described Epstein as one in every of his “deepest” and “most cherished” mates, the FCA discovered.
Therese Chambers, joint government director of enforcement and market oversight on the FCA, stated: “A CEO (chief government officer) must train sound judgment and set an instance to employees at their agency. Mr Staley failed to do that.
“We contemplate that he misled each the FCA and the Barclays board in regards to the nature of his relationship with Mr Epstein.
“Mr Staley is an skilled business skilled and held a distinguished place inside monetary providers.
“It’s proper to stop him from holding a senior place within the monetary providers business if we can’t depend on him to behave with integrity by disclosing uncomfortable truths about his shut private relationship with Mr Epstein.”
The FCA’s determination is provisional and Mr Staley will current his case at a following tribunal.
Barclays stated that following the FCA’s determination, it determined Mr Staley was ineligible for, or would forfeit, bonuses and share awards totalling £17.8 million.
The banking big had already suspended all of Mr Staley’s deferred bonuses and long-term share awards whereas the watchdog investigated.