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
-
ArticleFormer Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.
-
News BriefCFPB humility pledge reshapes exam process, as agency faces uncertain future
The U.S. Consumer Financial Protection Bureau’s Supervision Division introduced a new “humility pledge” last month that examiners will read aloud at the start of each oversight engagement. It’s another shift in how the organization handles itself under the Trump administration.
-
ArticleSan Francisco firm pays $11.4M for alleged Russia-related sanctions violations
A San Francisco-based private equity firm has agreed to pay $11.4 million to settle allegations it violated U.S. sanctions rules by handling investments for a sanctioned Russian oligarch.