Tribunal rebuffs Jes Staley's challenge against ban but grants fine reduction

Jes Staley, the former Barclays CEO, has failed in all his arguments to overturn an FCA ban after an appeal saw all his lawyers' representations rejected by the Upper Tribunal. He was successful, however, in having his £1.8 million fine cut by £700,000 to reflect the fact that he had been denied a similar sum by Barclays in deferred shares.

By Neasa MacErlean

The decision from the Tribunal also suggests that problems between that chamber and the Financial Conduct Authority two years back have been resolved. The judge in this case, Timothy Herrington, was the same who criticised the regulator's investigation as having "fallen well below" expected standards in the Forsyth case and to have raised similar issues in Seiler.