The Monetary Conduct Authority has reiterated that every one enterprise leaders have to train sound judgement and set an instance because it introduced it has determined to superb former Barclays chief govt James Staley £1.8 million for “deceptive statements”.

Therese Chambers, joint govt director of enforcement and market oversight on the FCA mentioned: “A CEO must train sound judgement and set an instance to workers at their agency.  Mr Staley failed to do that.”

The FCA’s case pertains to an occasion when the FCA had requested Barclays to clarify what it had achieved to fulfill itself there was no impropriety within the relationship between Staley and Jeffrey Epstein, a former banker and convicted intercourse offender, and Staley authorised Barclays’ response which said that there was no shut relationship and he had ceased contact with Epstein lengthy earlier than becoming a member of Barclays.

The FCA says it subsequently found emails between the 2 by which Staley described Epstein as one in every of his “deepest” and “most cherished” pals, and it discovered they’d been in touch within the days main as much as Staley’s appointment as CEO being introduced.

The FCA has made the choice to superb Staley £1.8m and ban him from holding a senior administration or vital affect perform in monetary companies.

Staley has referred the choice to the Higher Tribunal the place he’ll current his case, so any findings within the Determination Discover are due to this fact provisional and replicate the FCA’s perception as to what occurred and the way it considers his behaviour ought to be characterised

Chambers added: “We take into account that he misled each the FCA and the Barclays Board in regards to the nature of his relationship with Mr Epstein.

“Mr Staley is an skilled business skilled and held a distinguished place inside monetary companies. It’s proper to forestall him from holding a senior place within the monetary companies business if we can not depend on him to behave with integrity by disclosing uncomfortable truths.”