Andrew Bailey‚ Bank of Englandʼs leader gets drawn into a complex legal dispute about Jes Staleyʼs past connections. The case focuses on Staleyʼs fight against his permanent City-work ban (which happened bout a year ago) and a hefty £1.8m fine
Last fall the Financial Conduct Authority blocked Staley from high-ranking financial positions; they found he wasnt honest about his links to Jeffrey Epstein. The penalty included losing £18m in company bonus-pay
Bailey who ran FCA till early-2020 before becoming the central bankʼs chief – will share info about late-2019 meetings that discussed Staleyʼs situation. The court hearing is set for early-next-year; Nigel Higgins (Barclays chair-person) will also speak at the proceedings
The main issue centers on a letter from 10/19 where Staley approved text saying he “did not have a close relationship“ with Epstein: this statement wasnʼt true. Their connection started at JP-Morgan where Staley worked before his 2015-to-2021 Barclays leadership
The ex-bank chief keeps saying he cut all Epstein ties after getting the top-job at Barclays. Now hes taking his case to the Upper Tribunal – a higher-level court that could change FCAʼs decision