Jurisdiction(s):
United Kingdom

Upper Tribunal upholds FCA prohibition of former Barclays CEO Staley; finds reckless lack of integrity over Epstein statements; recalculates DEPP penalty, excluding unvested shares; underscores record-keeping duties.

Published on: 07 July 2025

Published by a LexisNexis Financial Services expert

Legal News

Article summary

James Edwards Staley v The Financial Conduct Authority [2025] UKUT 00203 What are the practical implications of this case?

This decision underscores the circumstances that can trigger a prohibition order. The FCA may prohibit an individual from performing functions tied to regulated activities where it concludes they lack fitness and propriety. Such orders are protective in nature and not intended as punishment. The FCA will assess the risk to consumers and the market when considering such an order. Among various considerations is the standing and significance of the firm the individual represents, which can be pertinent to whether an order is appropriate. The Tribunal also determined that the FCA’s Decision Procedural and Penalties Manual (DEPP) should be applied with flexibility when setting a financial penalty. Moreover, the Tribunal’s assessment of any penalty will reflect the situation as at the date the Reference is made, rather than the position when the FCA first imposed it. Finally, the case serves as a prompt to the FCA and those who advise them of the need to maintain comprehensive records. Much of...

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