THERE is “overwhelming” evidence that former Barclays chief executive Jes Staley had a close relationship with convicted paedophile Jeffrey Epstein, a tribunal has ruled.

Mr Staley was banned from holding senior financial roles and fined £1.8 million by the Financial Conduct Authority (FCA) in 2023 for misleading the regulator about the nature of his ties with Epstein.

He challenged the decision, claiming the relationship was “professionally fairly close” but not personal. 

But the Upper Tribunal rejected this today while reducing the fine to just over £1.1m.

Tribunal members said Mr Staley's claim was “not credible,” adding that there was “no evidence” others had a relationship with Epstein as close as his. 

They said he acted “recklessly and without integrity” by approving a misleading letter from Barclays to the FCA, claiming he had no close relationship with Epstein.

Evidence showed he referred to Epstein as “family” and used his daughter as an intermediary after joining Barclays.

The tribunal said Mr Staley showed “no remorse” and had committed a “serious failure of judgement.”

The FCA’s Therese Chambers said the decision reinforced that senior executives must meet high standards. 

Mr Staley has 14 days to appeal the ruling.