Investigate the failures of the Barclays board regarding Jeffrey Epstein.

There is increasing pressure on the City watchdog to conduct an investigation into the actions of the Barclays board regarding the appointment and support of former CEO Jes Staley in relation to the Jeffrey Epstein scandal.

City and Westminster officials have suggested that the Financial Conduct Authority should investigate the actions of the board and the reasons behind their failure to thoroughly question Staley about his association with a convicted sex offender throughout his six-year leadership at the bank.

Particular focus is on Barclays chairman Nigel Higgins, who took over in May 2019. Higgins was chairman when a letter was sent by Barclays to the regulator in October 2019 which contained a number of ‘misleading’ statements about Staley’s relationship with Epstein.

Barclays mentioned in the letter that Staley had no significant connection with Epstein and their last interaction occurred long before Staley joined Barclays in 2015.

Investigation: Individuals in the City and Westminster have suggested that the Financial Conduct Authority should examine the behavior of the board.

Staley truly regarded Epstein as one of his closest and most valued companions, and he had been in touch with the convicted sex offender just three days prior to being appointed as the head of Barclays. The FCA, imposing a fine of £1.8m and a lifetime ban from working in the City, labeled the letter as ‘misleading’.

Higgins and the other members of the Barclays board are currently being questioned about their lack of thorough investigation into Staley’s actions.

“The board of Barclays needs to address some inquiries,” stated Harriett Baldwin, the chairperson of the Treasury Select Committee.

Higgins is facing criticism for supporting Staley despite ongoing indications of concern. In December 2019, Barclays conducted an internal investigation and determined that Staley had been adequately open with company leaders.

In that particular month, Higgins received a summons to meet with Mark Carney, who was the governor of the Bank of England at that time. During the meeting, Carney advised Higgins to contemplate Staley’s position.

Barclays continued to support its chief executive in February 2020 when the Financial Conduct Authority initiated an investigation into Staley. Staley remained in his position until November 2021. There are also uncertainties surrounding Staley’s appointment.

In October 2015, the American individual was employed by Barclays chairman John McFarlane and head of the nominations committee Sir Michael Rake. However, just before being officially appointed as the chief executive, it was disclosed by the Mail on Sunday that Epstein, a well-known paedophile, was supporting his candidacy for the position.