Azizur Rahman | 19 December 2023
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Rahman Ravelli have stated that the Financial Conduct Authority (FCA) banning former Barclays chief executive James Staley should serve as a deterrent to others.
They were asked by Law360 for their 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.
Rahman Ravelli have 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.
Rahman Ravelli added:
"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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