James Edward Staley v Financial Conduct Authority [Upper Tribunal]

The Upper Tribunal has dismissed the reference by James Edward Staley against the decision of the Financial Conduct Authority but has substantially reduced the fine which was  originally imposed. The Prohibition Order remains in place.

Robert Smith KC has acted for Mr Staley throughout these proceedings which commenced in 2021 in respect of Mr Staley’s approval of a letter drafted by Barclays Bank when he held office as Chief Executive Officer and which concerned a response to the FCA’s enquiry concerning the history of Mr Staley’s relationship with Jeffrey Epstein. It is to be noted that despite the fact that Mr Staley was found to have been reckless in approving the draft the Tribunal commented in its judgment that Mr Staley had had an otherwise long and distinguished career in the financial services industry. Anyone reading the judgment is likely to be struck by the fact that it is not in any way suggested that Mr Staley was ever aware of Jeffrey Epstein’s criminal misconduct and that Mr Staley neither drafted nor signed the letter in question and that he has not been found in any way to have acted dishonestly.

Authors

Robert Smith KC

Call 1971 | Silk 1986

Related areas

Regulatory

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