Jes Staley v the FCA: Upper Tribunal to rule on misleading statements
by Jemima Myles
Jes Staley, the former CEO of Barclays, is currently involved in an appeal concerning his relationship with the late financier and convicted sex offender Jeffrey Epstein. The UK’s Financial Conduct Authority (FCA) accused Staley of approving misleading statements about the nature and extent of his association with Epstein. Ultimately, in 2023, the authority imposed a lifetime ban on Staley, barring him from holding senior positions in the financial industry (pursuant to section 56 of the Financial Services and Markets Act 2000) and fined him £1.8 million (pursuant to section 66 of the Financial Services and Markets Act 2000). Staley is appealing these sanctions currently in the Upper Tribunal (Tax and Chancery Chamber), asserting he did not mislead regulators and that his relationship with Epstein was purely “professional”.
During ongoing tribunal proceedings, Staley admitted to having a consensual sexual encounter with a member of Epstein’s staff at an apartment owned by Epstein’s brother. He acknowledged that this has strained his marriage and led to public embarrassment. The FCA presented communications suggesting a closer personal relationship between Staley and Epstein than previously disclosed, challenging Staley’s characterisation of their interactions.
The Tribunal also examined evidence indicating that Staley continued to communicate with Epstein until 2015, shortly before becoming CEO of Barclays, contradicting statements that their contact had ceased well before his Barclays tenure. The FCA maintains that Staley’s lack of transparency about his relationship with Epstein undermines his integrity and suitability for senior financial roles.
Staley’s team argues the FCA’s investigation has subjected him to undue public humiliation and personal distress. They maintain that he has been forthcoming about his past interactions with Epstein and that the sanctions are disproportionate. The tribunal hearings are ongoing. Closing arguments are expected in April 2025 and a final decision is anticipated by June 2025.
The barristers involved
This hearing sees two Chambers ranked barristers involved.
Robert Smith KC of New Park Court represents Jes Staley.
Andrew Green KC of Blackstone Chambers argues for the FCA.