On 26 June 2025, the Upper Tribunal dismissed Mr Staley’s Reference against a Decision Notice which found he was in breach of three provisions of the Authority’s Handbook, namely ICR 1 (the requirement to act with integrity), ICR 3 (the requirement to be open and cooperative with regulators) and SMCR 4 (the requirement to disclose appropriately any information of which the Authority would reasonably expect notice). 

The case centred on representations about the relationship between Mr Staley and Mr Epstein made in a letter sent to the Authority and approved by Mr Staley. The Upper Tribunal found that Mr Staley knew, when he approved the letter that its contents were factually inaccurate and that he recklessly misled the Authority in allowing those statement to be made. The Upper Tribunal found Mr Staley had a clear motive for downplaying his relationship with Mr Epstein.

The Upper Tribunal determined that Mr Staley’s breaches represented a serious failure of judgement and that the imposition of a Prohibition Order on the grounds that Mr Staley is not a fit and proper person to perform any senior management or significant influence was open to the FCA and its decision should stand.

The Upper Tribunal held: “integrity, being open and cooperative with the Authority at all times, and demonstrating good judgement are fundamental requirements of senior managers. In that regard, Mr Staley had a particularly important position of responsibility, as the Chief Executive of one of the UK’s most significant financial institutions. As the Authority correctly observed, for the proper functioning of the regime of oversight of the financial services sector and the market, the Authority relies upon, and must be able to rely upon, the veracity and completeness of the representations made to it and openness in disclosing matters of which it would reasonably expect to be given notice.”

The Tribunal fined Mr Staley £1.1 million, removing the value of deferred shares which will not now vest.

The judgment is available here and the FCA’s press release is here.

Leigh-Ann Mulcahy KC and Eleanor Davison acted for the FCA with Lara Hassell-Hart of 4 Stone Buildings and Henry Reid of Outer Temple Chambers.