A former Barclays chief executive has been fined £1.8 million for misleading the financial watchdog over the nature of his relationship with paedophile financier Jeffrey Epstein.
The Financial Conduct Authority has also banned Jes Staley from holding senior finance roles.
The regulator found Mr Staley “recklessly approved” a letter sent by Barclays to the regulator containing “two misleading statements” about his relationship with Epstein.
Mr Staley, who stepped down from the bank in November 2021, has referred the decision to the Upper Tribunal to present his case, the FCA said.
The FCA stressed that these finding are “provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised”.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “A CEO needs to exercise sound judgment and set an example to staff at their firm. Mr Staley failed to do this.
“We consider that he misled both the FCA and the Barclays board about the nature of his relationship with Mr Epstein.
“Mr Staley is an experienced industry professional and held a prominent position within financial services.
“It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr Epstein.”
A spokesman for the Bank of England’s Prudential Regulation Authority said: “We support the FCA’s decision announced today against Jes Staley.
“It is imperative that senior managers act with integrity and are open and co-operative with the regulators.”
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