FCA’s Staley decision a bold move. Are more needed?
By 
Neil Hodge2023-11-03T13:00:00
The U.K. Financial Conduct Authority’s (FCA) decision to ban the former chief executive officer of Barclays for misrepresenting his relationship with Jeffrey Epstein has seemingly reaffirmed the notion that everyone—even the boss—is accountable for their actions.
The FCA announced last month its intention to fine Staley 1.8 million pounds (then-U.S. $2.2 million) and exclude him from holding a senior management role in the financial services industry. Staley appealed the decision to a tribunal.
Certainly, it’s a bold move. While the regulator has previously disciplined bank CEOs—e.g., Mohammad Ataur Rahman Prodhan of Sonali Bank (UK) last November and Conor Foley of spread-betting firm Worldspreads in 2020—such actions have typically been as a result of professional failings rather than for personal conduct.
Related articles
-
PremiumDisclosure rules not enough to curb U.K. salary gaps
The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.
-
News BriefFCA review finds fraud victim support lacking
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority found.
-
News BriefFCA fines, bans ex-Barclays CEO Staley over misrepresented Epstein ties
Former Barclays CEO Jes Staley was fined £1.8 million (U.S. $2.2 million) and banned from serving in a senior management role in the financial services industry by the U.K. Financial Conduct Authority for allegedly misleading the regulator regarding his ties to Jeffrey Epstein.
More from Regulatory Enforcement
-
PremiumA case-by-case analysis of FCPA investigation closures
Foreign corruption enforcement relating to national security matters has been a common theme under the Trump administration. A second common theme continues to be the discrete way in which the DOJ has ended several FCPA investigations.
-
ArticleFinCEN cuts off 10 Mexican casinos from U.S. financial system for laundering cartel drug money
Ten Mexican cartels will be severed from the U.S. financial system for laundering money for the Sinaloa Cartel criminal organization, according to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
-
News BriefCompliance concerns surface at Fannie Mae following internal probe
A probe into Fannie Mae uncovered compliance and governance concerns involving FHFA director Bill Pulte and other senior officials. The result, so far at least, was not to address the concerns uncovered but to fire staff in Fannie Mae’s ethics and internal investigations unit.