BARC Barclays Plc

By Elena Vardon

The U.K.'s financial watchdog said it will fine and ban former Barclays Chief Executive Jes Staley, saying that it provisionally found he misled the regulator and the bank's board on his relationship with Jeffrey Epstein.

The Financial Conduct Authority said it will fine Staley 1.8 million pounds ($2.2 million) and ban him from holding a senior management role in the financial-services industry. It said the former executive "recklessly" approved a letter sent by the Barclays to the regulator.

The FCA on Thursday said the letter contained two misleading statements about the nature of Staley's relationship with Epstein and the point of their last contact.

"A CEO needs to exercise sound judgment and set an example to staff at their firm. Mr Staley failed to do this," the FCA's Executive Director of Enforcement and Market Oversight Therese Chambers said.

"We consider that he misled both the FCA and the Barclays board about the nature of his relationship with Mr. Epstein," Chambers said.

Staley decided to refer the decision to the Upper Tribunal court in the U.K. for reconsideration, Barclays said in a separate statement.

A lawyer for Staley didn't immediately respond to a request for comment when contacted by Dow Jones Newswires.

Barclays said Staley was ineligible for GBP17.8 million in deferred awards and bonuses, which had previously been suspended.

The Bank of England's Prudential Regulation Authority said it supports the FCA's decision. "It is imperative that senior managers act with integrity and are open and cooperative with the regulators," a spokesperson said.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

October 12, 2023 07:02 ET (11:02 GMT)

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