Jurisdiction(s):
United Kingdom

Jes Staley's Upper Tribunal challenge to FCA prohibition order, £1.8m fine and integrity findings over Epstein links tests regulator's credibility

Published on: 03 March 2025

Published by a Law360 reporter

Legal News

Article summary

Staley is challenging the Financial Conduct Authority’s prohibition, which bars him from senior roles at regulated financial firms, in a two‑week hearing before the Upper Tribunal. This was the first time a senior banker in Britain faced such a ban, and observers view the proceedings as a litmus test for the embattled watchdog. ‘Failing to see off Mr Staley’s challenge could be extremely damaging for the FCA,’ said Tom Bushnell, an associate barrister at Hickman & Rose. ‘It has had a torrid time of late, not least after an all‑party parliamentary group’s scathing review last November [2024], which branded it incompetent.’

The FCA prohibited Staley and levied a £1.8m fine in 2023 after concluding he had ‘recklessly’ approved a Barclays letter to the regulator containing two misleading claims about the nature of his relationship with Epstein, a convicted paedophile, and about when they last communicated. Staley exited Barclays in 2021 after the FCA issued provisional findings that he had acted recklessly and without integrity—the banker had told the regulator he did not have a close relationship with Epstein. However, the FCA said that emails uncovered later showed he regarded Epstein, ...

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