Niall Hearty calls the FCA’s banning of former Barclays CEO a “big scalp’’
Niall Hearty was asked for his thoughts by Law360 on the Financial Conduct Authority's (FCA’s) decision to ban former Barclays CEO James Staley.
The FCA banned Staley from roles with a significant influence on a financial firm's business and fined him £1.8 million as he recklessly approved a letter sent by Barclays in 2019 that contained two misleading statements. The two statements were about Staley’s relationship with the financier and convicted sex offender Jeffrey Epstein, who was found dead in prison four years ago.
Niall said this was a "big scalp" for the FCA.
He added: "The proposed ban will send shock waves through the City, reinforcing the important role the senior managers regime plays in reducing harm to consumers and strengthening market integrity."
The full article can be read here.
