Author: Niall Hearty 19 December 2023
Niall Hearty stated that the Financial Conduct Authority (FCA) banning former Barclays chief executive James Staley should serve as a deterrent to others.
He was asked by Law360 for his thoughts on the FCA having imposed an industry ban and a £1.8 million fine on Staley. This followed Staley’s reckless approval of a letter sent by Barclays in October 2019 that made misleading statements about him not having a close relationship with American financier and sex offender, Jeffrey Epstein.
Niall said the case indicates the FCA’s willingness to take enforcement action. The FCA has previously been accused of weakness when it comes to penalising the failings of senior managers.
"The Staley ban should serve as a deterrent to those who thought the FCA lacked the ability to take enforcement action against those who would seek to abuse the senior managers regime."
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