Britain's financial regulator, the FCA, has decided to fine former Barclays chief executive James (Jes) Staley £1.8m and ban him from senior management or positions of significant influence in the financial services industry.。

Jes Staley stepped down as CEO of Barclays in November 2021 while an investigation into his relationship with Jeffrey Epstein was under way.。

The FCA found that Jes Staley recklessly approved a letter sent to the FCA by Barclays that contained two misleading statements about the nature of his relationship with Jeffrey Epstein and the timing of their last contact.。

Therese Chambers, co-executive director of enforcement and market oversight at the FCA, said:

“CEOs need to make the right judgment and set an example for company employees。Mr. Staley didn't do it。We believe he misled the FCA and Barclays board about the nature of his relationship with Mr. Epstein。

Mr. Staley is an experienced industry professional with a strong focus on financial services。If we cannot rely on him to act with integrity and reveal the disturbing truth about his close personal relationship with Mr. Epstein, it would be right to prevent him from taking a senior position in the financial services industry.。”

In August 2019, the FCA asked Barclays to explain what it had done to ensure there was nothing improper about the relationship between Staley and Epstein.。In its response, Barclays relied on information provided by Staley。Staley confirmed the letter was fair and accurate.。

The letter said Staley was not closely related to Epstein.。In fact, in their email, Staley called Epstein one of his "deepest" and "most cherished" friends.。

The Barclays letter to the FCA also claims Staley stopped contacting Epstein long before he joined Barclays.。But in fact, in the days leading up to the announcement of Staley's appointment as CEO on October 28, 2015, Staley had been in touch with Mr. Epstein.。Staley joined Barclays in December 2015。

While Staley did not draft the letter, he had no reason not to correct the misleading statement, as he was the only person at Barclays who knew the full extent of his personal relationship with Epstein and the specific timing of his contact with Epstein.。Staley knew his relationship with Epstein would put his career at risk, the FCA found.。

The FCA believes that Staley did not correct the misleading statements in the letter, recklessly misled the FCA and that his conduct lacked integrity.。