The UK Financial Conduct Authority (FCA) has issued a final notice to James Edward Staley, former CEO of Barclays.
The Financial Conduct Authority:
- (1) imposes on Mr James Edward Staley, pursuant to section 66 of the Financial Services and Markets Act 2000 (“the Act”), a financial penalty of £1,107,306.92; and
- (2) makes an order which takes effect from the date of this Notice, pursuant to section 56 of the Act, prohibiting Mr Staley from performing any senior management or significant influence function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.
By a Decision Notice given to Mr Staley on 30 May 2023, the Authority decided to impose a financial penalty of £1,812,000 on Mr Staley as it considered that he had failed to comply with Individual Conduct Rule (“ICR”) of the Authority’s Code of Conduct (“COCON”), which required him to act with integrity, ICR 3, which required him to be open and co-operative with the Authority, and Senior Manager Conduct Rule (“SMCR”) 4 of COCON, which required him to disclose appropriately any information of which the Authority or the PRA would reasonably expect notice, by recklessly approving a letter sent by Barclays to the Authority on 08 October 2019 (the “Letter”) which contained two misleading statements, about the nature of his relationship with Jeffrey Epstein and the point of their last contact.
The Authority also decided to make an order prohibiting Mr Staley from performing any senior management or significant influence function in relation to any regulated activity carried on by an authorised person, exempt person, or exempt professional firm.
Mr Staley referred the matter to the Upper Tribunal (Tax and Chancery Chamber). By a decision released on 26 June 2025, the Tribunal directed the Authority to impose on Mr Staley a financial penalty of £1,107,306.92 pursuant to section 66(3)(a) of the Act for failure to comply with the requirements of ICR 1, ICR 3 and SMCR 4 in carrying out his functions as Chief Executive of Barclays as regards his approval of the Letter.
The Tribunal also dismissed the reference in relation to the Authority’s decision to make a prohibition order against Mr Staley prohibiting him from performing senior management and significant influence functions.
The final notice stipulates that the financial penalty must be paid in full by Mr Staley to the Authority by no later than 06 August 2025.
If all or any of the financial penalty is outstanding on 06 August 2025, the Authority may recover the outstanding amount as a debt owed by Mr Staley and due to the Authority.
